Manyavar, Vedant Fashions: Last Day of IPO

08 February 2022, Mumbai:

It is an offer-for-sale by promoter and investors. Hence, all the money will go to selling shareholders and the company will not receive funds from the offer.

The public issue of Vedant Fashions continued to see tepid response from investors on the final day of bidding on Tuesday with 1.01 times being subscribed so far.

It garnered bids for 2.58 crore equity shares against an offer size of 2.54 crore equity shares. Qualified institutional investors have put in bids 2.58 times the reserved portion. Their allotted quota has to get subscribed at least 90 percent to sail through the issue.

A part set aside for retail investors and non-institutional investors were subscribed 35 percent and 11 percent, respectively. The Rs 3,149-crore public issue was subscribed 21 percent till February 7, the second day of bidding.

It is an offer for sale by promoter and investors.

Hence, all the money will go to selling shareholders and the company will not receive funds from the offer. The price band for the offer, which opened on February 4, is Rs 824-866 per share.

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*Figures mentioned in the above article have been sourced from Money Control & ET article.