Published
Jan 25, 2022
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Vedant Fashions receives Sebi approval for Manyavar IPO

Published
Jan 25, 2022

Vedant Fashions has received approval from capital market regulator Sebi to go ahead with its planned initial public offering for its occasion wear brand Manyavar.

Brand ambassador Ranveer Singh for Manyavar - Manyavar- Facebook


Kolkata-based Vedant Fashions had filed its draft IPO papers with Sebi in September, 2021, the Times of India reported. The business plans to launch its IPO as purely an offer for sale with over 363 lakh shares to be on offer. Of this total, over 174 lakh of Rhine Holdings’ equity shares will be for sale as well as over 7.2 lakh of shares held by Kedaara Capital Alternative Investment Fund- Kedaara Capital AIF 1, among others. 
 
The book running lead managers for the issue have been named as Axis Capital, Edelweiss Financial, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital. 

Manyavar, which retails traditional style occasion wear, has a brick-and-mortar network of 525 exclusive brand outlets which includes 55 shop-in-shops. The brand is present in 207 Indian cities and also has a retail footprint in countries including the U.S., UAE, and Canada. 
 
Vedant Fashions runs a number of apparel brands including Mohey, Mebaz, Manthan, and Twamev. The business’ promoters are the business’ founder and CMD Ravi Modi, Shilpi Modi, and the Ravi Modi Family Trust.

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