Manyavar Owned by Vedant Fashions: Day 2 IPO Subscription Status
06 February 2022, Mumbai:
Vedant Fashions Ltd.'s initial public offering continued to witness muted demand on the second day of subscription.
The IPO by the owner of the ethnic wear brand Manyavar—that was subscribed 14% on the first day—is a pure offer for sale of 3.64 crore shares by existing shareholders and promoters, the Kolkata-based wedding and celebration wear brand said in its red herring prospectus.
The price band is set at Rs 824-866 apiece. At the upper end, Vedant Fashions is seeking a market value of Rs 3,149.2 crore.
After the sale, the share of the promoter and promoter group will reduce to 84.9% from 92.4%. The company will not receive any proceeds from the offer.
The selling shareholders will be entitled to it entirely after deducting relevant taxes. The IPO aims to achieve the benefits of listing the equity shares on the stock exchanges.
The company expects the proposed listing to enhance visibility and brand image, and enable shareholders to obtain greater liquidity.
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*Figures mentioned in the above article have been sourced from BLOOMBERG article.
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