Ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by promoter and existing investors, according to the draft red herring prospectus (DRHP).