Vedanta Fashion Ltd., which owns the ethnic wear brand Manyavar, will launch its Initial Public Offering (IPO) Next week on Friday, February 4, the company has fixed the price band of 824-866 per share and public issue expected 3,149 crore at the upper end of the band. Anchor investors’ bids will open on February 3.
The initial share sale, which will end on February 8, is purely an offer for sale (OFS) of 36,364,838 equity shares by the promoter and existing shareholders. The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
According to market observers, shares of Vedanta Fashion have started commanding premium (GMP) 105 today in gray market. The shares of the company are expected to be listed on the stock exchanges NSE and BSE on 16th February, 2022.
Vedanta Fashion Limited is one of the largest companies in India in the Men’s Wedding and Celebration Wear segment. The company’s flagship brand ‘Manyavar’ is a category leader in the branded wedding and celebration wear market with a pan India presence. The company’s other brands include Tvmev, Manthan, Mohe and Mebaaz.
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. Which is a big Indian country. Migrant
“The success of their franchise-based model is evidenced by the fact that as of September 30, 2021, approximately 73% of their franchisees have operated their stores for three or more years, and their franchisees account for 65% of their customers’ sales. -owned EBOs derived from franchisees with two or more stores,” Axis Capital said in an IPO note.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book-running lead managers to the issue. KFintech Private Limited is the Registrar of Public Issues.
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