The initial public offer of Vedant Fashions Limited, which owns ethnic wear brand Manyavar, was subscribed 14 per cent on the first day of subscription on Friday.
The IPO received bids for 35,32,872 shares against 2,54,55,388 shares on offer, according to data available with NSE.
The category for Retail Individual Investors (RIIs) received 22 per cent subscription, while Qualified Institutional Buyers (QIBs) quota was subscribed 6 per cent. Non-institutional investors also got 6 per cent subscription.
The initial public offering (IPO) is purely an offer-for-sale of 3,63,64,838 equity shares by the promoters and existing shareholders.
The offer-for-sale 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.
Price range for the offer is Rs 824-866 per share.
Vedant Fashions on Thursday garnered Rs 945 crore from anchor investors.
At the upper end of the price band, the public issue is expected to fetch Rs 3,149 crore.
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.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital Company are the managers to the offer.
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