Manyavar-owner Vedant Fashions IPO to Open on February 4
The initial public offering (IPO) of Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, will open on February 4 and conclude on February 8. The public issue is purely an offer-for-sale of 3,63,64,838 equity shares by the promoter and existing shareholders with a price band of Rs.824-866 per equity share. 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. As IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue 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. On the upper end price band, Vedant Fashions plans to raise around Rs 3149.19 crore via IPO. Currently, Rhine Holdings has a 7.2 percent stake in the company, Kedaara AIF holds 0.3 percent stake while the Ravi Modi Family Trust has 74.67 percent stake.
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. 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