11th September 2021, Mumbai:
Vedant Fashions Ltd, which owns the ethnic apparel label Manyavar, has filed preliminary documents with the capital markets regulator Sebi to acquire money through an initial public offering (IPO).
According to the draught red herring prospectus, the initial public offering (IPO) is simply a sale of 36,364,838 equity shares by the promoter and existing shareholders (DRHP). Rhine Holdings Ltd is selling up to 1.74 crore shares, Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I is selling up to 7.23 lakh shares, and Ravi Modi Family Trust is selling up to 1.81 crore shares.
Ravi Modi, Shilpi Modi, and the Ravi Modi Family Trust are the company's promoters. The firm will not get any money from the public offering because it is solely an offer for sale. With a presence across the country, Vedant Fashions' 'Manyavar' brand is a category leader in the branded Indian wedding and celebration apparel industry.
Twamev, Manthan, Mohey, and Mebaz are some of the company's other brands. As of June 30, 2021, the business has a global retail network of 537 exclusive brand outlets (EBOs) and 55 shop-in-shops, including 12 foreign EBOs in the United States, Canada, and the United Arab Emirates, all of which have a substantial Indian diaspora.
In the draught documents, the business stated, "We want to expand our retail network and product reach by entering additional regions, including Tier II and III towns and cities in India, as we think these markets provide substantial growth possibilities for us." The issue's book running lead managers are Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital.