New Delhi, Feb 8 (PTI) The initial public offer of Vedant Fashions Limited, which owns ethnic wear brand Manyavar, was subscribed 2.57 times on the last day of subscription on Tuesday, helped by demand from qualified institutional buyers.
The company’s Rs 3,149 crore IPO received bids for 6,53,72,718 shares against 2,54,55,388 shares on offer, according to BSE data.
The category for Qualified Institutional Buyers (QIBs) received maximum demand with 7.49 times subscription, while non-institutional investors’ part was subscribed 1.07 times.
Retail Individual Investors (RIIs) portion obtained just 39 per cent subscription.
The initial public offering (IPO) was purely an offer-for-sale of 3,63,64,838 equity shares by the promoters and existing shareholders.
The offer-for-sale had sale of up to 1.74 crore shares by Rhine Holdings Ltd; up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 1.81 crore shares by Ravi Modi Family Trust.
The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Since the IPO was entirely an offer-for-sale, the company will not receive any proceeds from the public issue.
Price range for the offer was at Rs 824-866 per share.
Vedant Fashions on Thursday garnered Rs 945 crore from anchor investors.
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.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital Company were the managers to the offer. PTI SUM SUM RUJ RUJ
