04 Feb , 2022 By : Kanchan Joshi
Manyavar-owner Vedant Fashions has received Rs945 crore from anchor investors ahead of its initial public offering (IPO) opening tomorrow.
According to a circular on BSE, Manyavar has alloted 1,09,09,450 equity shares to anchor investors at Rs866 apiece, aggregating the transaction size to Rs944.75 crore.
The anchor investors include Government of Singapore, Monetary Authority of Singapore, Fidelity, Nomura, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale.
In addition, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF, Sundaram MF and UTI MF were also allocated shares.
The three-day IPO of Vedant Fashions will open for public subscription on Friday, 4 February, 2022 and conclude on 8 February. The price band has been fixed at Rs824-866 for its initial share sale.
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 Rs3,149 crore at the upper price band through the IPO.
As per market observers, Vedant Fashions shares were trading in the grey market (GMP) Rs43, down from the previous day. The company's shares are expected to list on stock exchanges NSE and BSE on February 16, 2022.
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.
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