Vedanta Fashion Ltd, which owns ethnic wear brand Manyavar, got fully subscribed on its last day on Tuesday. Initial Public Offering (IPO) Which opened on February 4, 2022. Price range of offer is 824-866 per share and the issue will end on Tuesday, February 8.
As of 3:50 pm on the third day of bidding, Vedanta Fashion’s IPO is oversubscribed by retail investors category by 0.38x, NII 1.03x and QIB 7.49x book 2.55x.
According to market observers, Vedanta Fashion’s share premium (GMP) has fallen 8 in the gray market today, from 16 yesterday amid sluggish response. The company’s shares are expected to be listed on the stock exchanges NSE and BSE on February 16, 2022.
Initial Share Sale is purely an Offer for Sale (OFS) of 3,63,64,838 equity shares by the promoters and existing shareholders. Since the IPO is purely OFS, the company will not receive any proceeds from the public issue. The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
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, including 11 overseas EBOs in the United States, Canada and the United Arab Emirates. Huh.
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. Vedanta Fashions won on Thursday 945 crores from anchor investors.
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