Vedant Fashions, owner-Manyavar dressing up for IPO

7th September 2021, Mumbai:

Vedant Fashions - Owning celebration wear brands Manyavar, Mohey, Mebaz, Twamev and Manthan--  is getting prepared & is likely to file the draft red herring prospectus (DRHP) for an initial public offering (IPO) with market regulator SEBI this week.

Company is expected to raise about Rs 3,000 crore through the IPO. The IPO is expected to be a complete offer for sale (OFS), which means that none of the funds raised through the IPO are expected to go to the company, instead go to the selling shareholders.

Existing scenario

Private equity firm Kedaara Capital and Ravi Modi, Founder, Vedant Fashions, are expected to be the large selling shareholders, contemplating to dilute a stake of approximately 14 percent.

In the last four years, the company has been sustainably growing its revenue and is on growth path.

Investor bankers

Axis Capital, ICICI Securities, Edelweiss Securities, IIFL and Kotak Securities are the investment bankers to the issue.

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