OPEN APP
Home / Markets / Stock Markets /  Vedant Fashions to be listed on 16 Feb. Check GMP and other details
Listen to this article

Vedant Fashions, which owns the ethnic wear brand Manyavar, is getting listed on the NSE on Wednesday following the completion of its 3,149-crore offer-for-sale.

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.

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.  At the upper end of the price band, Vedant Fashions market cap stands at around 21,000 crore.

The company had garnered 945 crore from anchor investors, ahead of its offer.

As per market observers, Vedant Fashions shares are commanding a flattish and even a negative 2 GMP (grey market premium) today. 

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout