Manyavar owner Vedant Fashions IPO to open on Feb 4; closes on Feb 8

The company got SEBI nod on January 18 to float the IPO, and filed a red herring prospectus with ROC on January 22. The firm plans to list on exchanges on February 16.

Ravindra Sonavane

January 24, 2022 / 17:05 IST

Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, will see its initial public offering open on February 4 and close on February 8. On January 18, the company got Securities and Exchange Board of India (SEBI) nod to float IPO and filed a red herring prospectus with ROC on January 22.

The company plans to list on exchanges on February 16.

Vedant Fashions 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.

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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.