Manyavar, Vedant Fashions Ltd to expand retail and product network

05 February 2022, Mumbai:

Ethnic wear brand Manyavar’s parent company Vedant Ltd plans to grow its retail network and product reach by foraying into Tier II and III cities of India. The company believes, these market will offer it significant growth opportunities.

The company recently raised Rs 945 crorein investments ahead of its initial public offering which launched on February 4.

The funds were garnered from the company’s anchor investors including Government of Singapore, Monetary Authority of Singapore, Fidelity, Nomura, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, BNP Paribas Arbitrage, and SocieteGenerale. the Press Trust of India reported.

The business chose to allot over 109 lakh equity shares to its anchor investors at Rs 866 per equity share. This also makes up the upper band of the IPO and aggregates the total transaction size to Rs 944.75 crore.

The IPO, which rolled out on Friday, is an offer for sale of 363.6 lakh equity shares by the business’ promoters and existing shareholders.

The business’ promoters are Ravi Modi, ShilpiModi, and the Ravi Modi Family Trust and the IPO will conclude on February 8.

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*Figures mentioned in the above article have been sourced from Fashion Network article.