Manyavar owner Vedant Fashions gets SEBI nod to raise funds via IPO

Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, has got an approval from the Securities Exchange Board of India (SEBI) to raise funds via an initial public offering.

The firm had filed draft papers with the SEBI in September 2021. The issue comprises a pure offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders.

The OFS has up to 17.46 million shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 18.18 million shares by Ravi Modi Family Trust.

Currently, Rhine Holdings has a 7.2% stake in the company, Kedaara AIF holds 0.3% stake while the Ravi Modi Family Trust has 74.67% stake.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.

Vedant Fashions is in the men's Indian wedding and celebration wear market. Its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. Other brands of the company include Twamev, Manthan, Mohey and Mebaz.