Vedant Fashions IPO: What GMP signals on last day of subscription
Premium- Manyavar-owner Vedant Fashions IPO is purely an OFS of 3,63,64,838 equity shares by the promoters & existing shareholders
Vedant Fashions Limited, which owns ethnic wear brand Manyavar, on Monday received 21% subscription on the second day of its initial public offering (IPO) that opened on February 4, 2022. The price range for the offer is ₹824-866 per share and the issue will conclude on Tuesday, February 8.
The category for Retail Individual Investors (RIIs) attracted 31% subscription, Qualified Institutional Buyers (QIBs) received 11% bid and non-institutional investors 9%, BSE data showed. Vedant Fashions on Thursday garnered ₹945 crore from anchor investors.
As per market observers, Vedant Fashions shares premium (GMP) have slipped to ₹8 in the grey market today, from ₹16 yesterday amid dull response. The company's shares are expected to list on stock exchanges NSE and BSE on February 16, 2022.
The initial share sale is purely an offer-for-sale (OFS) of 3,63,64,838 equity shares by the promoters and existing shareholders. Since the IPO is entirely an OFS, the company will not receive any proceeds from the public issue. The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
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, including 11 overseas EBOs across the United States, Canada and the UAE.
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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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