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Home / Markets / Stock Markets /  Vedant Fashions IPO subscribed 2.57 times on last day of offer
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After two days of lukewarm response from investors, Vedant Fashions IPO has garnered some interest on the last day of subscription. The issue was subscribed 2.5 times on the last day of subscription on Tuesday.

The IPO received bids for 6,53,72,718 shares against 2,54,55,388 shares on offer, according to the data available with BSE.

Segment wise, the retail investor interest remained muted for three days and the retail part got just 31% subscription, while Qualified Institutional Buyers (QIBs) quota was subscribed 7.49 times. Non-institutional investors also got 1.07 times subscription.

The issue, with a price band of 824-866 a share, will conclude on February 8. The company had garnered 945 crore from anchor investors, ahead of its offer.

As per market observers, Vedant Fashions shares are commanding a premium (GMP) to 8 in the grey market today, down from 16 yesterday. The company's shares are expected to list on stock exchanges NSE and BSE on February 16, 2022.

The public issue is purely an offer for sale of 36,364,838 equity shares by promoter and existing shareholders. The company will raise up to 3,149 crore at the upper price band through the IPO.

Vedant Fashions is the one of largest companies in India in the men’s wedding and celebration wear segment. The company’s flagship brand ‘Manyavar’ is a category leader in the branded wedding and celebration wear market with a pan-India presence. Other brands of the company 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, including 11 overseas EBOs across the United States, Canada and the UAE, which are countries with a large Indian diaspora.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book-running lead managers to the issue. KFintech Private Limited is the registrar of the public issue.

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