Vedant Fashions files IPO papers to fuel expansion plans
Vedant Fashions Ltd, owner of ethnic wear brand Manyavar, has filed preliminary papers with capital markets regulator the Securities and Exchange Board of India (SEBI) to raise funds through an initial sale of shares.
The initial public offer (IPO) will offer for sale of 36,364,838 equity shares by the promoter and existing shareholders.
The company plans to use the funds raised from the sale of shares to fuel its expansion plans across the country.
"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," the company said in the draft papers.
Vedant Fashions owns the popular ethnic wear brand Manyavar, which is the category leader in the branded Indian wedding and celebration wear market. It also owns brands that include Twamev, Manthan, Mohey, and Mebaz.
Vedant Fashions has strong retail network with 537 exclusive brand outlets (EBOs) in the country, 55 shop-in-shops globally, and 12 overseas EBOs across the US, Canada, and the UAE.
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