Manyavar parent company Vedant Fashions to hold IPO on February 4
Occasion wear Manyavar’s parent company’s Vedant Fashions will open its initial public offering on February 4 and the share sale will conclude on February 8, according to the business’ red herring prospectus.
The business had filed its draft IPO papers with market regulator Sebi in September, 2021. The business just recently received approval from the organisation through an observation letter dated January 18, the Press Trust of India reported.
Due to the fact that the IPO is entirely an offer for sale, Vedant Fashions itself will not receive any proceeds from the upcoming initial public issue. Promoters and existing shareholders which will sell equity shares include Rhine Holdings Limited, Kedaara Capital Alternative Investment Fund- Kedaara Capital AIF I, and the Ravi Modi Family Trust.
“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,” Vedant Fashions said in a statement about future plans.
Vedant Fashions’ promoters are Ravi Modi, Shilpi Modi, and Ravi Modi Family Trust. Along with Manyavar, the business also runs clothing brands Twamev, Manthan, Mohey, and Mebaz, among others, and the business focuses on traditional and occasion wear.
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