New Delhi: According to a report published in Moneycontrol, Vedanta Fashion, which owns ethnic wear brand Manyavar, will launch its initial public offering (IPO) on February 4 and close on February 8.
Markets regulator SEBI has allowed the company to raise funds through initial share sale.
According to PTI, the IPO is purely an offer for sale of 36,364,838 equity shares by the promoter and existing shareholders, said the draft red herring prospectus. The offer-for-sale includes the sale of 1.74 crore shares by Rhine Holdings Limited; Up to 7.23 lakh shares held by Kedara Capital Alternative Investment Fund-Kedara Capital AIF I; and up to 1.81 crore shares by Ravi Modi Family Trust.
Vedanta Fashion, which had filed its initial IPO document with SEBI in September, received its observation sheet on January 18, an update with SEBI showed on Monday.
The promoters of the firm are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. Since, the IPO is purely an offer-for-sale, the company will not receive any proceeds from the public issue.
Manyavar is a category leader in the branded Indian Wedding and Celebration Wear market with a pan India presence. The company’s other brands include Tvmev, Manthan, Mohe and Mebaaz.
The company has a retail network with 537 Exclusive Brand Outlets (EBOs) as of June 30, 2021, which includes 55 shop-in-shops globally. It has 12 overseas EBOs in the United States, Canada and the United Arab Emirates, which are countries. With a large Indian diaspora.
The company had said in the draft, “We intend to expand our retail network and product reach by entering into new geographies including Tier-II and Tier-III towns and cities in India, as we believe that these markets are the best for us. provide significant growth opportunities.” documents.
With inputs from PTI
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