Under the IPO of Vedant Fashions, 36,364,838 equity shares will be sold by the promoters and existing shareholders of the company as part of the OFS.
Manyavar-owner Vedant Fashions IPO: Vedanta Fashions Limited, the parent company of ethnic wear brand Manyavar, is going to bring an IPO. The company has got the approval of market regulator SEBI for this. As per the Draft Red Herring Prospectus (DRHP), this IPO will be purely Offer for Sale (OFS). As part of the OFS, 36,364,838 equity shares will be sold by the promoters and existing shareholders of the company.
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IPO related details
- The offer-for-sale includes the sale of 1.74 crore shares by Rhine Holdings Limited.
- Along with this, shares up to 7.23 lakh by Kedara Capital Alternative Investment Fund-Kedara Capital AIF I and up to 1.81 crore shares by Ravi Modi Family Trust will be sold under OFS.
- The company had filed its IPO papers with SEBI in September.
- The company has received the observation letter on January 18. It is necessary for any company to get an observation letter from SEBI before going for an IPO.
- The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
- Since the IPO is purely an offer-for-sale, the company will not receive any proceeds from the public 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 aim 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.”
- 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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