The IPO of Vedant Fashions Limited, the owner of ethnic wear brands such as ‘Manyavar’ and ‘Mohey’, was subscribed 2.56 times on its third and final day today. The issue received bids for 6.52 crore equity shares against an offer size of 2.54 crore equity shares.
The retail portion was subscribed 39 per cent, while that for institutional and wealthy investor portions was subscribed 7.49 times the reserved portion.
Portion set aside for non-institutional investors was subscribed 1.07 times.
The IPO was subscribed 20% on its second day.
Vedant Fashions received SEBI’s nod to launch the IPO on January 24.┬а The issue is purely an offer-for-sale OFS of 3,63,64,838 equity shares by the promoter and existing shareholders.
Shares are available during the IPO in a price band of Rs 824 to Rs 866 per equity share.
The OFS 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.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.
The allotment of shares will be done on February┬а 11, 2022. Lot size of the IPO is 17 shares for which one will have to spend Rs 14,722. A retail individual investor can apply for up to 13 lots or 221 shares by spending Rs 1,91,386.
┬аThe stock is likely to be listed on BSE and NSE on February 16.
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.
