Manyavar-owner Vedant Fashions IPO to open on Feb 4New Delhi: The first public featuring (IPO) of Vedant Fashions Ltd, which owns ethnic don model Manyavar, will open up on February 4. The initial share sale will conclude on February 8, in accordance to the pink herring prospectus (RHP).

The general public challenge is purely an provide-for-sale of 3,63,64,838 fairness shares by the promoter and current shareholders.

The OFS includes sale of up to 1.74 crore shares by Rhine Holdings Ltd up to 7.23 lakh shares by Kedaara Funds Substitute Investment Fund-Kedaara Cash AIF I, and up to 1.81 crore shares by Ravi Modi Family members Believe in.

The promoters of the business are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Because the IPO is fully an present for sale, the firm will not obtain any proceeds from the community situation.

The corporation, which filed its preliminary IPO papers with Sebi in September, acquired its observation letter on January 18.

In Sebi parlance, its observation implies its acceptance to start the IPO.

Vedant Fashions’ “Manyavar” model is a category leader in the branded Indian wedding and celebration don market place with a pan India existence. The company’s other models involve Twamev, Manthan, Mohey and Mebaz.

As of September 2021, the corporation has an extensive retail community with 546 unique manufacturer shops (EBOs), which include 58 store-in-stores globally — 11 abroad EBOs throughout the United States, Canada and the UAE, acquiring a significant Indian diaspora.

In India, the firm’s EBO network spans 212 cities and towns as of September 2021.

“We seek out to increase our retail community and products attain by coming into new geographies, including in Tier II and III cities and cities in India, as we think that these marketplaces present important advancement opportunities for us,” the firm explained.

Axis Money, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Cash are the reserve working lead supervisors to the difficulty.