The IPO of Manyavar’s parent company Vedanta Fashions Limited has opened for subscription from today. The company has fixed a price band of Rs 824-866 per share for the issue. Whereas the lot size is of 17 shares.
Manyavar IPO: If you invest money in the IPO market, then from today i.e. February 4, you have another option. The IPO of Vedanta Fashions Limited, the parent company of ethnic wear brand Manyavar, is opening for subscription from today. The company plans to raise Rs 3150 crore through the issue. One can invest in this issue till February 8. This IPO is completely on offer for sale (OFS). 3.63 crore equity shares will be sold by the existing shareholders of the company. The company has fixed a price band of Rs 824-866 per share for the issue. Whereas the lot size is of 17 shares.
OFS of 3,63,64,838 Equity Shares
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.
price in gray market
Shares of Vedant Fashions are trading at a premium of Rs.50 to Rs.866 on the gray market on the day of IPO opening. Talking about the current gray market premium, the stock may get listed in the market at an increase of 5 percent over the issue price. At present, its real trend will be clear on the coming trading day.
Minimum investment required
Vedant Fashions has fixed the price band for the issue at Rs 824-866 per share. Whereas the lot size is of 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. That is, the maximum limit of investment in the issue is Rs 191,386. The allotment of shares will take place on February 11, while 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.
about the company
Vedant Fashions’ brand Manyavar is very popular. It is the leading brand in the branded Indian Wedding and Celebration Wear market. The company also has brands under the names 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. The company also has better business in America, Canada and UAE. The company’s focus is to expand its retail network and product reach by foraying into new areas including Tier-II and Tier-III cities in India.
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