Owner of the popular brand Manyavar, Vedant Fashions plan to raise Rs 2,500 crore in 2021 by launching a new IPO. Ravi Modi-founded fast growing apparel company has held advanced discussions with few domestic investment banks including ICICI Securities, Kotak Mahindra Capital, Edelweiss Financial Services, IIFL Capital and Axis Capital for the proposed listing. The soon-to-be launched IPO will chiefly consist of an OFS (offer for sale) component to facilitate a partial exit for the key investor Kedaara Capital.
Founded in 1999, Vedant Fashions is a pan-India player with a retail presence of 600 plus stores in over 200 cities and 3 countries with 11 international stores in UAE and the US. By 2025, the firm plans to have 1,500,000 sq ft of Manyavar retail space, 500,000 sq. ft. of Mohey retail space and 1,000 exclusive stores including 250 flagship and 50 global stores at 300 cities across India and abroad. It is also aiming for a production capacity of 10 million pieces per annum.
