HomeBusinessVedant Fashions IPO: Manyavar-owner Vedant Fashions IPO to open on Feb 4

Vedant Fashions IPO: Manyavar-owner Vedant Fashions IPO to open on Feb 4

New Delhi: The preliminary public providing (IPO) of Vedant Fashions Ltd, which owns ethnic put on model Manyavar, will open on February 4. The preliminary share sale will conclude on February 8, in accordance to the purple herring prospectus (RHP).

The public situation is only an offer-for-sale of three,63,64,838 fairness shares by the promoter and present shareholders.

The OFS includes 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.

The promoters of the corporate are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Since the IPO is fully a suggestion on the market, the corporate is not going to obtain any proceeds from the general public situation.

The firm, which filed its preliminary IPO papers with Sebi in September, obtained its remark letter on January 18.

In Sebi parlance, its remark implies its approval to launch the IPO.

Vedant Fashions’ “Manyavar” model is a class chief within the branded Indian marriage ceremony and celebration put on market with a pan India presence. The firm’s different manufacturers embody Twamev, Manthan, Mohey and Mebaz.

As of September 2021, the corporate has an intensive retail community with 546 unique model shops (EBOs), together with 58 shop-in-shops globally — 11 abroad EBOs throughout the United States, Canada and the UAE, having a big Indian diaspora.

In India, the corporate’s EBO community spans 212 cities and cities 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 corporate stated.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the ebook operating lead managers to the difficulty.

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