three-day initial public offering (IPO) of Vedanta Fashion LimitedThe company, which owns and operates the ethnic wear brand Manyavar, has received a good response from investors on day one. The issue was subscribed by just 14% on the first day of subscription on Friday.
As per data available with NSE, the IPO received bids for 35,32,872 shares as against 2,54,55,388 shares.
Segment-wise, the retail segment was subscribed 22%, while the Qualified Institutional Buyers (QIBs) quota was subscribed 6%. Non-institutional investors also got 6% subscription.
Issue with price band of 824-866 per share, expiring on February 8. The company said on Thursday that it has acquired 945 crore from anchor investors, ahead of its offering.
According to market observers, Vedanta Fashion shares are up at a premium (GMP) Today in Gray Market 45. The Company’s Shares are expected to be listed on Stock Exchanges NSE and BSE on 16th February, 2022.
Public issue is purely an offer for sale of 36,364,838 equity shares by the promoter and existing shareholders. the company will raise 3,149 crore on the upper price band through IPO.
Vedanta Fashion 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
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