Vedant Fashions' ‘Manyavar’ brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence
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New Delhi: The initial public offering (IPO) of Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, will open on February 4.
The initial share sale will conclude on February 8, according to the red herring prospectus (RHP).
The public issue is purely an offer-for-sale of 3,63,64,838 equity shares by the promoter and existing shareholders.
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.
The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Since the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue.
The company, which filed its preliminary IPO papers with Sebi in September, obtained its observation letter on January 18.
In Sebi parlance, its observation implies its approval to launch the IPO.
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 has 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.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.
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