Manyavar owned by 'Vedant Fashions' launches its IPO
31 January 2022, Mumbai:
Kolkata-based ethnic wear major Vedant Fashions' has launched an initial public offer to raise Rs 3,149 crore. The company, whose flagship brand is the male ethnic brand 'Manyavar has fixed its upper issue price band at Rs 824-866 a share.
The pricing of the company was decided after feedback from institutional investors who have shown high demand interest for the shares.
The company was initially estimated to raise Rs 2500 crore. However, with better valuations, the company will raise uptoRs 3,149 crores at the upper price band through the IPO.
The public issue is purely an offer for the sale of 36,364,838 equity shares by promoters and existing shareholders.
The offer for sale comprises sales of up to 1.74 crore shares by Rhine Holdings, up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund, and up to 1.81 crore shares by Ravi Modi Family Trust.
Vedant Fashions is a pan-India player with a retail presence in over 200 cities and three countries in UAE, Canada, and the United States.
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