Manyavar owned by Vedant Fashions IPO: Stock Exchange Debut
16 February 2022, Mumbai:
Vedant Fashions |
The listing was on expected lines given the tepid response from investors, expensive valuations, the complete offer for sale issue, and the market volatility.
Vedant Fashions is the largest company in India in the men's Indian wedding and celebration wear segment.
Vedant Fashions, which offers Indian wedding and celebrations wear, started off first day first trade on a positive note as the stock listed with an 8 percent premium to issue price of Rs 866.
It was the third debut on the bourses in 2022 after AGS Transact Technologies and Adani Wilmar.
The stock opened at Rs 936 on the BSE, and the opening price on the NSE was Rs 935.
The listing was on expected lines given the tepid response from investors, expensive valuations, the complete offer for sale issue and the market volatility.
The maiden public offer of Vedant Fashions saw 2.57 times subscription during February 4-8 as the maximum support was led by qualified institutional buyers whose reserved portion was subscribed 7.49 times.
ALSO READ: Manyavar’s owner Vedant Fashion’s IPO oversubscribed
However, there was muted demand from non-institutional investors and retail investors whose allotted quota was booked 1.07 times and 39 percent respectively.
Will market sentiment weigh? Vedant Fashions, the ethnic wear brand Manyavar owner, to be listed on February 16 The company raised Rs 3,149.19 crore through its public issue that was entirely an offer for sale by promoter and investors.
Hence, the company did not receive issue proceeds as the IPO money was received by the selling shareholders.
The price band for the offer was Rs 824-866 per share. Most of the analysts had recommended the issue for long-term gains and not for listing gains.
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*Figures mentioned in the above article have been sourced from Money control & Zeebiz article.
