Manyavar’s owner Vedant Fashion’s IPO oversubscribed

11 February 2022, Mumbai:

Launched in February, the Initial Public Offer of ethnic wear brand Manyavar’s owner Vedant Fashions was oversubscribed 2.57 times with significant interest from institutional investors but less interest from retail investors.

The Rs 3,150 crore IPO was oversubscribed 7.5 times by institutional investors. Its wealthy investor portion was oversubscribed by just over one time while the retail portion was significantly undersubscribed by 40 per cent.

The Kolkata-based business received over 2.5 lakh applications for the IPO and set the price band between Rs 824 and Rs 866 per share. Currently valued at Rs 21,000 the business operates ethnic wear brands including Manyavar, Mohey, Twamev, Manthan, and Mebaz.

ALSO READ: Manyavar owner-Vedant Fashions IPO: Stock listing on Feb 16

The business is expected to announce share allotment on February 11 as the IPO was entirely an offer for sale, the business itself will not receive any of the proceeds.

The issue will have a weak listing as the offer’s price range was at premium at just Rs 8.

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