Manyavar owned by Vedant Fashions IPO to open on February 4, 2022

28 January 2022, Mumbai:

Ethnic apparel retailer Vedant Fashions will launch its initial public offering (IPO) on February 4, Friday. The Kolkata-based company will sell its shares in the range of Rs 824-866.

Vedant Fashions caters to the Indian celebration wear market with a diverse portfolio of brands including 'Manyavar', 'Mohey', 'Mebaz', 'Manthan' and 'Twamev'.

The issue is entirely an offer for sale (OFS) of 36,364,838 equity shares of face value Re 1 each by promoters and existing shareholders aggregating to Rs 3,150 crore at the upper price band. The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd, up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I, and up to 1.81 crore shares by Ravi Modi Family Trust. 

The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Since, the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue.

At the upper end of the price band, the public issue is expected to fetch Rs 3,149 crore.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 17 equity shares and in multiples thereof.

As per market observers, Vedant Fashions shares have started commanding a premium (GMP) of ₹105 in the grey market today. The company's shares are expected to list on stock exchanges NSE and BSE on February 16, 2022. 

**The statistics mentioned in the above articles have been sourced from The following sources

CREDITS: ET Republicworld.com MINT

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