Manyavar owner Vedant Fashions collects Rs 945 crore ahead of IPO

By

Isabelle Crossley

Published
Feb 4, 2022

Ethnic wear brand Manyavar’s parent company Vedant Fashions Limited raised Rs 945 crore from its anchor investors ahead of its initial public offering which launched on February 4. 

The day before launching its IPO, Vedant Fashions Limited announced that it had garnered funds from its anchor investors which 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, the Press Trust of India reported. 
 
The business chose to allot over 109 lakh equity shares to its anchor investors at Rs 866 per equity share. This also makes up the upper band of the IPO and aggregates the total transaction size to Rs 944.75 crore, Vedant Fashions Limited said in a circular which is uploaded to the Bombay Stock Exchange’s website.

The IPO, which rolled out on Friday, is an offer for sale of 363.6 lakh equity shares by the business’ promoters and existing shareholders. The business’ promoters are Ravi Modi, Shilpi Modi, and the Ravi Modi Family Trust and the IPO will conclude on February 8. 
 
“We seek to grow our retail network and product reach by entering new geographies, including in Tier 2 and 3 towns and cities in India, as we believe that these markets offer significant growth opportunities for us,” said the business in its red herring prospectus.