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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
Particulars | For the year/period ended (Rs in crore) | ||
Apr-Sep FY22 | FY21 | FY20 | |
Total Assets | 1,445.50 | 1,625.65 | 1,591.55 |
Total Revenue | 387.29 | 625.02 | 947.98 |
Profit After Tax | 98.41 | 132.90 | 236.64 |
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 | 17 Shares |
Min Order Quantity | 17 Shares |
Listing At | BSE, NSE |
IPO Lot Size
Application | Lots | Shares | Amount (Cut-off) |
Minimum | 1 | 17 | Rs 14,722 |
Maximum | 13 | 221 | 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 |