Manyavar-owner Vedant Fashions shares rise on debut, list at premium


Shares of Vedant Fashions, which owns the ethnic wear brand Manyavar, made stock market debut on Wednesday, following the completion of its 3,149-crore offer-for-sale (OFS) share sale last week, which was subscribed 2.6 times. The stock listed at 935 per share on the NSE, a premium of 8% as compared to IPO issue price of 866. On BSE, Vedant Fashion shares started trading at 936.

The three-day initial public offering (IPO) of Vedant Fashions was subscribed 2.57 times on the last day of subscription that closed on February 8, helped by demand from qualified institutional buyers. Price range for the offer was at 824-866 per share.

The initial share sale was purely an offer-for-sale by the promoters and existing shareholders, by Rhine Holdings, Kedaara Capital Alternative Investment Fund; and the Ravi Modi Family Trust owned Ravi and Shilpi Modi. Since the IPO was entirely an OFS, the company will not receive any proceeds from the public issue.

Prior to the public issue, it had raised over 944 crore from 75 anchor investors including government of Singapore, Morgan Stanley, Abu Dhabi Investment Authority, etc., at the upper price band of 866 per share.

Vedant Fashions’ ‘Manyavar’ brand is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence. The company’s other brands include Twamev, Manthan, Mohey, and Mebaz and it competes with Aditya Birla Fashion Retail, Trent, Metro Brands and TCNS Clothing Company.

As of September 2021, the company has an extensive retail network with 546 exclusive brand outlets (EBOs) including 58 shop-in-shops globally, including 11 overseas EBOs across the United States, Canada and the UAE.


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