Manyawar IPO: According to BSE data, bids were received for 6,53,72,718 shares in the company’s Rs 3,149 crore IPO, while there were 2,54,55,388 shares on offer.
Manyawar IPO: The IPO of Vedanta Fashions Limited, the parent company of ethnic wear brand Manyavar, got a good response from investors on the last day. With the help of Qualified Institutional Buyers (QIBs), it was subscribed 2.57 times on the last day of subscription i.e. Tuesday. However, talking about the first two days of subscription, it did not get much response from investors. According to BSE data, bids were received for 6,53,72,718 shares in the company’s Rs 3,149 crore IPO, while there were 2,54,55,388 shares on offer.
Which category got how much subscription?
The category of Qualified Institutional Buyers (QIBs) got the highest subscription of 7.49 times. While the share of non-institution investors got subscription 1.07 times. Moreover, the share of Retail Individual Investors (RII) got only 39 per cent subscription.
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Other Important Details
The allotment of shares will take place on February 11, while money will be transferred to the account of unsuccessful investors on February 14. The shares will be transferred to the demat account of successful applicants on February 15. The company’s stock may be listed in the market on February 16. The IPO of Vedant Fashions will be purely on offer for sale (OFS). Under this, promoters and existing shareholders will reduce their stake by selling 3,63,64,838 equity shares. Investors include Rhine Holdings, Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF 1 and promoter Ravi Modi Family Trust.
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Details about the company
- Manyavar is a leading company for clothing worn on the occasion of weddings and celebrations. Apart from Manyavar, Vedanta Fashions is spread across the country under the brand names of Tvmev, Manthan, Mohe and Mebaaz.
- As of September 2021, the company has 535 Exclusive Brand Outlets (EBOs) in 212 cities and towns across the country. Apart from this, there are 11 EBOAs in the US, Canada and UAE.
- Talking about the company’s financials, in the financial year 2020, it had achieved a net profit of Rs 236.4 crore and in the next financial year 2021, it had a net profit of Rs 132.90 crore. Talking about the current financial year, the company got a net profit of Rs 98.41 crore in the April-September 2021 half.
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