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Manyavar IPO: Parent firm Vedant Fashions’ IPO to open on Feb 4, check price band, offer details

Vedant Fashions Ltd has fixed a price band of Rs 824-866 a share for its upcoming Rs 3,149-crore IPO. 

  • The Manyavar IPO will open on February 4 and conclude on February 8.
  • Vedant Fashions Ltd has said that anchor investors can start bidding for the IPO shares starting from February 3.
  • The Manyavar IPO consists purely of an offer for sale (OFS) of 36,364,838 equity shares.

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Manyavar IPO: Parent firm Vedant Fashions’ IPO to open on Feb 4, check price band, offer details

New Delhi: Manyavar’s parent firm Vedant Fashions Ltd has fixed a price band of Rs 824-866 a share for its upcoming Rs 3,149-crore initial public offering (IPO). The Manyavar IPO will open on February 4 and conclude on February 8. 

Vedant Fashions Ltd has said that anchor investors can start bidding for the IPO shares starting from February 3. The Manyavar IPO consists purely of an offer for sale (OFS) of 36,364,838 equity shares by the promoter and existing shareholders.

The OFS includes the 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.

Investors can bid for a minimum of 17 equity shares. Bids can be placed in multiples of 17 equity shares. 

Vedant Fashions Ltd’s promoters are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. The firm won’t receive any proceeds from the public issue since the offer is entirely an offer for sale. 

The company is aiming to raise Rs 3,149 crore from the public issue at the upper end of the price band. 50% of the issue size has been reserved for qualified institutional buyers, while 35 per cent of the offer is reserved for retail investors. The remaining 15 per cent has been reserved for non-institutional investors.

According to media reports, Vedant Fashions-owned Manyavar brand is a category leader in the branded Indian wedding and celebration wear market, thanks to its pan India presence. Also Read: SBI Big Update: IMPS charges to change from next month; check new rate

Other brands owned by Vedant Fashions include Twamev, Manthan, Mohey and Mebaz. The company has an extensive retail network with 546 exclusive brand outlets (EBOs) including 58 shop-in-shops globally, including 11 overseas EBOs across the United States, Canada and the UAE as of September last year. Also Read: Kotak Mahindra Bank Q3 profit rises 31% to Rs 3,403 crore

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