According to the Red Herring Prospectus (RHP), the initial public offering (IPO) of Vedanta Fashion Ltd., which owns ethnic wear brand Manyavar, will open on February 4. The initial share sale will end on February 8.
Public issue is purely an offer for sale of 3,63,64,838 equity shares by the promoter and existing shareholders.
The OFS includes the sale of 1.74 crore shares by Rhine Holdings Limited; Up to 7.23 lakh shares held by Kedara Capital Alternative Investment Fund-Kedara Capital AIF I and up to 1.81 crore shares by Ravi Modi Family Trust.
The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Since the IPO is purely an offer for sale, the company will not receive any proceeds from the public issue.
The company, which had filed its initial IPO document with SEBI in September, received its observation letter on January 18.
The "Manyavar" brand of Vedanta Fashions is a category leader in the branded Indian Wedding and Celebration Wear market with a pan India presence. The company's other brands include Tvmev, Manthan, Mohe and Mebaaz.
As of September 2021, the company has an extensive retail network with 546 exclusive brand outlets (EBOs), including 58 shop-in-shops globally – 11 overseas EBOs in the United States, Canada and the United Arab Emirates, including Has a large Indian diaspora.
In India, the company's EBO network is spread across 212 cities and towns as of September 2021.
Check : Manyavar (Vedant) GMP here
Manyavar IPO Details
| IPO Opening Date | Feb 4, 2022 |
| IPO Closing Date | Feb 8, 2022 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹1 per equity share |
| IPO Price | ₹824 to ₹866 per equity share |
| Market Lot | 17 Shares |
| Min Order Quantity | 17 Shares |
| Listing At | BSE, NSE |
| Issue Size | 36,364,838 Eq Shares of ₹1 (aggregating up to ₹3,149.19 Cr) |
| Offer for Sale | 36,364,838 Eq Shares of ₹1 (aggregating up to ₹3,149.19 Cr) |
| QIB Shares Offered | Not more than 50% of the offer |
| Retail Shares Offered | Not less than 35% of the offer |
| NII (HNI) Shares Offered | Not less than 15% of the offer |
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