Even on the second day of the IPO of Manyavar’s parent company Vedanta Fashions Limited, investors have stayed away from it. This issue has been subscribed only 0.16 times till 3:20 pm on the second day of subscription.
Manyavar IPO Subscription Status: Niveyak has stayed away from it even on the second day of the IPO of Vedanta Fashions Limited, the parent company of ethnic wear brand Manyavar. The issue is getting very sluggish response amidst the volatility in the market. This issue has been subscribed only 0.16 times till 3:20 pm on the second day of subscription. Retail investors, qualified institutional investors and non-institutional investors are witnessing slowdown in every segment. This issue will be open for investment till February 8. The company IPO is completely on offer for sale (OFS). Whereas for IPO, the company has fixed the price band at Rs 824-866 per share. The lot size is of 17 shares.
which part is full
In the IPO of Vedant Fashions, 35 per cent is reserved for retail investors. So far it has been filled 0.25 times. 50 percent is reserved for QIB ie Qualified Institutional Investors. It is filled 0.06 times so far. Whereas 15 per cent is reserved for non-institutional investors and it is filled 0.07 times so far. Overall this issue has been subscribed only 0.16 times.
Here are the details of IPO
Vedant Fashions has fixed the price band for the IPO at Rs 824-866 per share. In this one lot size is of 17 shares. That is, investment is necessary for at least 17 shares. In terms of upper price band Rs 866, it will be necessary to invest at least Rs 14,722 in it. At the same time, you can apply for maximum 13 lots. The maximum investment limit in the issue is Rs 191,386.
important date
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.
Experts are advising to stay away
Swastika Investmart Ltd. Giving “AVOID” rating on the IPO, Senior Analyst Aayush Agarwal has advised investors to stay away. He says that the financial performance of the company has been mixed in the last few years. Revenue increased in FY20, but declined thereafter in FY21 and declined to Rs 625 crore from Rs 9,47.97 crore. During this the profit decreased from 236.6 crores to 132.9 crores. The corona virus epidemic has had an effect on the performance of the company. However, the business of the company has become normal in the first 6 months of FY22. They say that Vedant Fashions is India’s leading company in Indian Wedding and Celebration Wear. The company has kept the valuation high for the IPO and it looks overpriced.
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