Vedant Fashions has proposed an IPO price range of Rs 824-866 per share
- ByStartupStory | January 29, 2022
Vedant Fashions Ltd, which owns the ethnic wear label Manyavar, has set its price range for its initial public offering at Rs 824-866 per share (IPO). The company previously stated that its initial public offering (IPO) will begin on February 4 and end on February 8.
On January 18, the company received approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), and on January 22, it filed a red herring prospectus with the ROC. On February 16, the company intends to list on stock exchanges.
In September 2021, Vedant Fashions filed draft papers with the SEBI. The issue is a pure offer for sale (OFS) of up to 36.36 million shares by the company’s current promoters and shareholders.
Rhine Holdings Ltd has up to 17.46 million shares in the OFS, Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I has up to 723,000 shares, and Ravi Modi Family Trust has up to 18.18 million shares.
Vedant Fashions plans to raise around Rs 3149.19 crore through an IPO at the upper end of the price range.
The issue’s book running lead managers are Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital.
Vedant Fashions is a company that specialises in men’s Indian wedding and celebration wear. With a pan-India presence, its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market. Twamev, Manthan, Mohey, and Mebaz are some of the company’s other brands.
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