Manyavar IPO: Vedant Fashions Limited, which is the owner of popular ethnic wear brands like Manyavar and Mohey, is all set to launch its first Initial Public Offering (IPO) on February 4, which is next Friday. The company has also fixed the price band of its offer at Rs 824 to Rs 866 per equity share. The Manyavar IPO, or Vedant Fashions IPO, will close on February 8, Tuesday, after a three-day bidding process. The bidding will be closed during the weekend.
Manyavar IPO Price, Offer Details
The Vedant Fashions IPO or the Manyavar IPO is purely and Offer For Sale, or OFS, through which the company’s promoters and existing shareholders will sell 36,364,838 equity shares. The initial share sale is likely to fetch the shareholders Rs 3,149 crore, at the upper end of the band. The promoters of Vedant Fashions Limited include Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Manyavar IPO Reserved Portion
Manyavar IPO or Vedant Fashions IPO has reserved part of it shares for anchor investors, who will be eligible for bidding on February 3. Apart from this, qualified institutional buyers can bid for up to 50 per cent of the total shares. As much as 35 per cent of the portion is reserved for retail buyers while non institutional buyers can bid for up to 15 per cent of the total portion.
Manyavar IPO Lot Size
Investors can bid for a minimum of 17 shares and in multiples of 17 thereof. This means that one lot of the Manyavar IPO will cost Rs 14,722 at the upper end of the price 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 upper end of the price band. The GMP would indicate how the Manyavar IPO will perform at the bourses once it gets listed.
Manyavar IPO: Objectives of Issue
Since the offer is purely an offer for sale, the company will not receive any proceeds from the IPO. Vedant Fashions Limited in its DHRP had stated, “The Selling Shareholders will be entitled to the entire proceeds of the Offer after deducting the Offer expenses and relevant taxes thereon. Our Company will not receive any proceeds from the Offer.”
Company Overview
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.
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