STOCK MARKET BSE NSE

Manyavar-owner Vedant Fashions initial public offering to open on February 4

The company, which filed its preliminary IPO papers with SEBI in September, obtained its observation letter on January 18.

Published: 25th January 2022 01:28 PM  |   Last Updated: 25th January 2022 01:28 PM   |  A+A-

Inset of a Manyavar showroom

Inset of a Manyavar showroom. (Photo| Special Arrangement)

By PTI

NEW DELHI: The initial public offering (IPO) of Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, will open on February 4. The initial share sale will conclude on February 8, according to the red herring prospectus (RHP).

The public issue is purely an offer-for-sale of 3,63,64,838 equity shares by the promoter and existing shareholders.

The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd; up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I, and up to 1.81 crore shares by Ravi Modi Family Trust.

The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. Since the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue. The company, which filed its preliminary IPO papers with SEBI in September, obtained its observation letter on January 18.

In SEBI parlance, its observation implies its approval to launch the IPO. Vedant Fashions' "Manyavar" brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. The company's other brands include Twamev, Manthan, Mohey and Mebaz.

As of September 2021, the company has an extensive retail network with 546 exclusive brand outlets (EBOs), including 58 shop-in-shops globally -- 11 overseas EBOs across the United States, Canada and the UAE, having a large Indian diaspora.

In India, the company's EBO network spans 212 cities and towns as of September 2021. "We seek to grow our retail network and product reach by entering new geographies, including in Tier II and III towns and cities in India, as we believe that these markets offer significant growth opportunities for us," the company said.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp