Manyavar owner Vedant Fashions' IPO to open on February 4

Vedant Fashions Limited, the owner of ethnic wear brands such as 'Manyavar' and 'Mohey' will open its initial public offering (IPO) next week. The issue will open on February 4 and close on February 8.

Vedant Fashions received approval from SEBI to launch the IPO on January 24.  The issue is purely an offer-for-sale OFS of 3,63,64,838 equity shares by the promoter and existing shareholders.

Shares will be available during the IPO in a price band of Rs 824 to Rs 866 per equity share.

The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd; up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I, and up to 1.81 crore shares by Ravi Modi Family Trust.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.

The allotment of shares will be done on February  11, 2022. Lot size of the IPO is 17 shares for which one will have to spend Rs 14,722. A retail individual investor can apply for up to 13 lots or 221 shares by spending Rs 1,91,386.

 The stock is likely to be listed on BSE and NSE on February 16.

Vedant Fashions' 'Manyavar' brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. The company's other brands include Twamev, Manthan, Mohey and Mebaz.

As of September 2021, the company had an extensive retail network with 546 exclusive brand outlets (EBOs), including 58 shop-in-shops globally -- 11 overseas EBOs across the United States, Canada and the UAE, having a large Indian diaspora.

In India, the company's EBO network spans 212 cities and towns as of September 2021.

''We seek to grow our retail network and product reach by entering new geographies, including in Tier II and III towns and cities in India, as we believe that these markets offer significant growth opportunities for us,'' the company said.