IPO Update: Manyavar Owner Vedant Fashions IPO to Open Next Week; Check Out the Details

IPO Update: Manyavar Owner Vedant Fashions IPO to Open Next Week; Check Out the Details In the next week, another IPO namely Vedant Fashions is lined up to open for subscription in the primary market. Vedant Fashions Ltd, which owns the ethnic apparel brand Manyavar, will launch its initial public offering (IPO) on February 4. Vedant Fashions: With a pan-India presence, Vedant Fashions' "Manyavar" brand is a category leader in the branded Indian wedding and celebration apparel market. Twamev, Manthan, Mohey, and Mebaz are some of the company's other brands. In terms of sales, OPBDIT, and profit after tax for the Financial Year 2020, Vedant Fashions was the largest in India in the men's Indian wedding and celebration wear market. Franchise-owned exclusive brand outlets (EBOs) account for the majority of the company's revenue, with the remainder coming from multi-brand outlets (MBOs), large format stores (LFSs), and online platforms such as its website (www.manyavar.com) and mobile application. As of September 2021, the firm has a global retail network of 546 exclusive brand outlets (EBOs), comprising 58 shop-in-shops — 11 international EBOs in the United States, Canada, and the United Arab Emirates, all of which have a sizable Indian diaspora. When: The Vedant Fashions initial public offering (IPO) will begin on February 4, 2022, and end on February 8, 2022. On February 16, 2022, the issue could go on the market.

• Price band: Rs 1 per equity share.
• Listing: NSE and BSE.
• Listing Date: 16^th February
• Lead managers:

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

Promoters:

Ravi Modi, Shilpi Modi and Ravi Modi Family Trust are the company promoters.

Objectives of the IPO:

The company aims to utilize the funds for following purpose:

• To achieve the benefits of listing the equity shares on the stock exchanges; and
• To carry out the Offer for Sale of up to 36,364,838 equity shares by the selling shareholders

Summary of Financial Information:

Particulars	Total Assets (₹ in Millions)	Total revenue (₹ in Millions)	Profit after Tax (₹ in Millions)
31 Mar-2020	15,915.53	9,479.76	2,366.37
31 Mar-2021	16,256.53	6,250.19	1,329.03
31 Sep-2021	14,455.03	3,872.90	984.07

The company received its observation letter on January 18 after filing its preliminary IPO papers with Sebi in September. The promoter and existing shareholders are selling 3,63,64,838 equity shares in the public offering. Rhine Holdings Ltd is selling up to 1.74 crore shares, Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I is selling up to 7.23 lakh shares, and Ravi Modi Family Trust is selling up to 1.81 crore shares. The company will not get any revenues from the public offering because it is completely an offer for sale.