Kolkata-based Vedant Fashions IPO opens today

4 Feb 2022 , 02:47 PM

Kolkata-based Vedant Fashions, which owns ethnic wear brand Manyavar open its initial public offering (IPO) today. The price band of the IPO has been fixed at Rs824 – 866 per share.

The company sells its products through five brands i.e. Manyavar, Mohey, Mebaz, Manthan and Twamev. The company’s flagship brand ‘Manyavar’ is one of the famous brands known for its wedding collections.

The company has decided to allot 1,09,09,450 equity shares to anchor investors at Rs866 apiece, which is also the upper price band of the public issue, aggregating the transaction size to Rs 944.75 crore, according to a circular uploaded on the BSE website.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital are the book running lead managers to the issue.

As of September 30, 2021, Vedant Fashions has 535 exclusive brand outlets (EBOs) spanning across 212 cities and towns in India, and 11 EBOs overseas across the United States, Canada and the UAE.

Manyavar offers a commanding retail presence of 600+ stores in over 200 cities and in 3 countries with 11 international stores in U.A.E & U.S.A.

The company operates an omnichannel network and has a technology-based strong supply chain.