Shares of Vedanta Fashion, owner of ethnic wear brand Manyavar, made their debut in the stock market on Wednesday. There was an offer-for-sale (OFS) share sale of Rs 3,149 crore last week, which was subscribed 2.6 times. stock listed on 935 per share on NSE, 8% premium over IPO issue price 866. Vedanta Fashion shares started trading on BSE 936.
three days Initial Public Offering (IPO) Vedanta Fashions was subscribed 2.57 times on the last day of subscription closing on February 8 due to demand from qualified institutional buyers. Price range for the offer was low 824-866 per share.
The initial share sale was purely an offer for sale by the promoters and existing shareholders of Rhine Holdings, Kedara Capital Alternative Investment Fund; And Ravi Modi Family Trust was owned by Ravi and Shilpi Modi. Since the IPO was purely OFS, the company would not receive any proceeds from the public issue.
Before the public issue, it had raised 944 crores from 75 anchor investors including Government of Singapore, Morgan Stanley, Abu Dhabi Investment Authority, etc. at the upper price band of Rs. 866 per share.
The ‘Manyavar’ brand of Vedanta Fashions is a category leader in the branded Indian Wedding and Celebration Wear market with a pan India presence. The company’s other brands include Twmv, Manthan, Mohe and Mebaaz and it competes with Aditya Birla Fashion Retail, Trent, Metro Brands and TCNS Clothing Company.
As of September 2021, the company has an extensive retail network with 546 exclusive brand outlets (EBOs), including 58 shop-in-shops globally, including 11 overseas EBOs in the United States, Canada and the United Arab Emirates. Huh.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,