Manyavar IPO Is Not Getting Special Response
Manyavar IPO is not getting a special response, got a 21 percent subscription on the second day.
The initial public offer (IPO) of Vedanta Fashion Ltd, promoter of ethnic wear brand Manyavar, got a 21 percent subscription on Monday.
As per the data available with BSE, the IPO received bids for 52,37,564 shares against 2,54,55,388 shares. In the Retail Individual Investors (RII) category, 31 percent subscribed.
IPO was open on 4 February
The IPO opened on 4 February. It was subscribed only 14 percent on the first day.
In the IPO, 11 percent of the eligible institutional buyer (QIB) share and 9 percent of the non-institutional investor (NII) share have received bids.
This IPO is in the form of an Offer for Sale (OFS). The promoters and existing shareholders of the company have offered to sell 3,63,64,838 shares in this IPO.
Rhine Holdings Limited sold 1.74 crore shares.
The offer-for-sale includes the sale of 1.74 crore shares by Rhine Holdings Limited.
While up to 7.23 lakh shares by Kedara Capital Alternative Investment Fund-Kedara Capital AIF and 1.81 crore shares by Ravi Modi Family Trust.
The promoters of the company are Ravi Modi, Shilpi Modi, and Ravi Modi Family Trust.
Offer price range Rs 824-866 per share.
Since the IPO is purely an offer for sale, the company will not receive any proceeds from the public issue.
The price range of the offer is Rs 824-866 per share. Vedanta Fashion on Thursday raised Rs 945 crore from anchor investors.
Expected to get Rs 3,149 crore.
At the upper end of the price band, the public issue is expected to fetch Rs 3,149 crore.
Vedanta Fashion’s ‘Manyavar’ brand is the leader in the branded category. The company’s other brands include Tvmev, Manthan, Mohe, and Mebaaz.
Lead manager.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital Company are the managers of the offer.
