Manyavar’s owner Vedanta Fashion’s IPO to open on February 4

According to the Red Herring Prospectus (RHP), the initial share sale will end on February 8.

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

The OFS includes the sale of 1.74 crore shares by Rhine Holdings Limited; Up to 7.23 lakh shares held by Kedara Capital Alternative Investment Fund-Kedara 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 an outright sale offer, the company will not receive any proceeds from the public issue.

The company, which had filed its initial IPO document with SEBI in September, received its observation letter on January 18.

In the parlance of SEBI, its observation refers to its approval to launch the IPO.

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 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 – 11 overseas EBOs in the United States, Canada and the United Arab Emirates, including Has a large Indian diaspora.

In India, the company’s EBO network is spread across 212 cities and towns as of September 2021.

The company said, “We want to expand our retail network and product reach by foraying into new geographies including Tier II and Tier III towns and cities in India, as we believe these markets provide significant growth opportunities for us. We do.”

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

This story has been published without modification in text from a wire agency feed. Only the title has been changed.