The price band of Rs 824-866 per share has been fixed for this IPO of Vedanta Fashions Limited, the parent company of Manyavar.
Manyavar-owner Vedant Fashions IPO: The IPO of Vedanta Fashions Limited, the parent company of ethnic wear brand Manyavar, is about to come next week. The issue will open for subscription on February 4 and will close on February 8. The price band of Rs 824-866 per share has been fixed for this IPO of Rs 3,149 crore. According to RHP, the promoters and existing shareholders of the company will sell 3,63,64,838 equity shares through an offer for sale (OFS). This IPO of Vedanta Fashion will be the third IPO of the year 2022.
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Issue related details
- Vedanta Fashion’s IPO is purely Offer for Sale (OFS), i.e. fresh shares will not be issued under this IPO.
- In this, 1.74 crore shares will be sold by Rhine Holdings, 7.23 lakh shares will be sold by Kedar Capital Alternative Investment Fund and 1.81 crore shares will be sold by Ravi Modi Family Trust.
- The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. Since the IPO is purely offer-for-sale, the company will not receive any proceeds from the public issue.
- Half of the issue is reserved for Qualified Institutional Buyers (QIBs), while 35 per cent is reserved for related investors. Only 15% of the issue is reserved for non-institutional investors.
- Investors can bid for the IPO next week in 17 equity shares and multiples thereof. According to the upper price band of Rs 824-866 per share, investors will have to invest at least Rs 14,722.
- Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers of the issue.
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Company related details
- The “Manyavar” brand of Vedanta Fashions has a pan-India presence. The company is a category leader in the branded Indian wedding and celebration wear market.
- Other brands of the company include Twamev, Manthan, Mohey and Mebaz.
- As of June 30, 2021, the company has a retail network with 537 Exclusive Brand Outlets (EBOs), which includes 55 shop-in-shops globally.
- It has 12 overseas EBOs in the United States, Canada and the United Arab Emirates, countries with a large Indian diaspora.
- The company said in the draft paper, “We want to expand our retail network and product reach by entering new areas including Tier-II and Tier-III towns and cities in India. We believe that these markets provide growth opportunities for us.”
(Article: Kshitij Bhargava)
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