Vedant Fashions Limited IPO

Vedant Fashions Limited which owns brands like ‘Manyvar’ and ‘Mohey’ is set to open for initial public offering (IPO) in the first week of February 2022. 

The IPO subscription will start on February 4, 2022 and close on February 8, 2022. The IPO issue will be only an offer for sale (OFS) of 36,364,838 equity shares by existing shareholders of the company. 

The price band is fixed at Rs 824-866 apiece. The IPO issue size is Rs 3149.19 crore and face value of each equity share is Re 1.

Company Summary

Vedant Fashions Limited which owns ‘Manyavar’ brand is the largest company in India in the men’s Indian wedding and celebration wear segment with respect to revenue, OPBDIT and profit after tax for the FY20, according to CRISIL rating agency. 

‘Manyavar’ is a leading brand in the wedding wear segment with a strong pan-India presence. The company has a multi-channel network which caters to the needs of our customers through our portfolio of leading and differentiated brands. They also forecast and launch on-trend designs of a diverse range of attires and accessories for every celebratory occasion.

As of September 30, 2021, the company had a retail footprint of 12 lakh square feet covering 535 exclusive brand outlets (EBOs) (including 58 shop-in-shops) spanning across 212 cities and towns in India. Vedant Fashions also have 11 EBOs overseas across the United States, Canada and the UAE, where there is presence of a large Indian diaspora.

Company Strengths

  • Leading brand in the organized Indian wedding market where there is high entry barrier.
  • Market leader in the Indian celebration wear market with a diverse portfolio of brands catering to the aspirations of the entire family.
  • Omni-channel network with the seamless integration of our online and offline channels.
  • Differentiated business model combining the strengths of retailing with branded consumer play.
  • Technology-based strong supply chain and inventory replenishment systems helped by system-wide data analytics, strong processes and long-standing vendor relationships.
  • Experienced and professional leadership team with a strong management.

Company Financials


For the year/period ended (Rs in crore)

Apr-Sep FY22



Total Assets




Total Revenue




Profit After Tax




Company Promoters

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

Purpose of the IPO

  • To achieve the benefits of listing the equity shares on the stock exchanges. The company expects that the proposed listing will enhance its visibility and brand image as well as provide a public market for its equity shares in India.
  • To carry out the Offer for Sale of up to 36,364,838 equity shares by the selling shareholders. These shareholders will be entitled to the entire proceeds of the Offer after deducting the Offer expenses and relevant taxes. The company will not receive any proceeds from the Offer.

IPO Details

IPO Opening Date

February 4, 2022

IPO Closing Date

February 8, 2022

Issue Type

Book Built Issue IPO

Face Value

Rs 1 per equity share

IPO Price

Rs 824 to Rs 866 per equity share

Market Lot


Min Order Quantity


Listing At


IPO Lot Size




Amount (Cut-off)




Rs 14,722




Rs 1,91,386

Important Dates

IPO Subscription Open Date

February 4, 2022

IPO Subscription Close Date

February 8, 2022

Allotment Date

February 11, 2022

Initiation of Refunds

February 14, 2022

Credit of Shares to Demat Account

February 15, 2022

Listing Date

February 16, 2022