Manyavar's owner Vedant Fashions plans IPO after strong profit
At a time when the Indian IPO market is currently experiencing the most successful year to date, Vedant Fashions is considering its first IPO. Moreover, according to data from the company’s filings with the Registrar of Companies, Vedant Fashions had a profit of 111.3 crore rupees (approximately 16.7 million US dollars) for the financial year 2016 to 2017. This marks a 21 percent revenue increase to 610.2 crore rupees (approximately 91.7 million dollars) from the year before, when revenue was at 504.27 crore rupees (approximately 75.7 million dollars).
Vedant Fashions is also now backed by Kedaara Capital, which invested around Rs400-450 crore rupees (approximately 60 to 67.7 million dollars) in the company last year and received a ten percent stake. The business looks set to go for an IPO and become a public company within this financial year and, if so, will join a host of Indian fashion brands to do the same.
Manyavar was launched by Ravi Modi in 1999 and, according to the brand’s official sites, currently has over 450 retail outlets in 175 cities across five countries. The brand's 'Handpicked' collection now has over 50 stores in India’s major cities, and the firm has won several awards including the National Retailer of the Year award at the Indian Retail Awards, 2015.
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