Manyavar IPO: Vedant Fashions Limited, which is the proprietor of fashionable ethnic put on manufacturers like Manyavar and Mohey, is all set to launch its first Initial Public Offering (IPO) on February 4, which is subsequent Friday. The firm has additionally fastened the worth band of its provide at Rs. 824 to Rs 866 per fairness share. The Manyavar IPO, or Vedant Fashions IPO, will shut on February 8, Tuesday, after a three-day bidding course of. The bidding can be closed throughout the weekend.
Manyavar IPO PriceOffer Details
The Vedant Fashions IPO or the Manyavar IPO is solely and Offer For Sale, or OFS, by which the corporate’s promoters and current shareholders will promote 36,364,838 fairness shares. The preliminary share sale is prone to fetch the shareholders Rs 3,149 crore, on the higher finish of the band. The promoters of Vedant Fashions Limited embrace Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Manyavar IPO Reserved Portion
Manyavar IPO or Vedant Fashions IPO has reserved a part of it shares for anchor buyers, who can be eligible for bidding on February 3. Apart from this, certified institutional consumers can bid for as much as 50 per cent of the overall shares. As a lot as 35 per cent of the portion is reserved for retail consumers whereas non institutional consumers can bid for as much as 15 per cent of the overall portion.
Manyavar IPO Lot Size
Investors can bid for at least 17 shares and in multiples of 17 thereof. This implies that one lot of the Manyavar IPO will price Rs 14,722 on the higher finish of the worth band.
Manyavar IPO GMP
On January 28, the unlisted shares of the Vedant Fashions Limited was fetching a grey market premium of Rs 80, which was 9 per cent up from the higher finish of the worth band. The GMP would point out how the Manyavar IPO will carry out on the bourses as soon as it will get listed.
Manyavar IPO: Objectives of Issue
Since the provide is solely a proposal on the market, the corporate is not going to obtain any proceeds from the IPO. Vedant Fashions Limited in its DHRP had acknowledged, “The Selling Shareholders can be entitled to the whole proceeds of the Offer after deducting the Offer bills and related taxes thereon. Our Company is not going to obtain any proceeds from the Offer.”
Vedant Fashions Limited is the largest company in India in the men’s Indian wedding and celebration wear segment in terms of revenue. The company’s popular brand Manyavar is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence, as of Financial Year 2020, according to a report. Apart from Manyavar, Vedant Fashions Limited is also the owner of other brands like Mohey, Mebaz, Manthan, and Twamev.
As of June 30, 2021, the company had a retail footprint of1.1 million square feet covering 525 EBOs (including 55 shop-in-shops) spanning across 207 cities and towns in India, and 12 EBOs overseas across the United States, Canada and the UAE.
The Vedant Fashions IPO or the Manyavar IPO will be the third such public offer this year.