Vedant Fashions to list on exchanges on Wednesday

Based on the upper end of the IPO price band of Rs 866 a share, the company’s market cap stands at around Rs 21,000 crore.

The qualified institutional buyers category received maximum demand with 7.49 times subscription, non-institutional investors’ part was subscribed 1.07 times and retail investors’ portion obtained only 39 per cent subscription, which had a price range at Rs 824-866 per share.

Vedant will be listed on the National Stock Exchange (NSE) on Wednesday, a merchant banking said on Monday.

The offering was purely an offer-for-sale by the promoters and existing shareholders — by Rhine Holdings, Kedaara Capital Alternative Investment Fund; and the Ravi Modi Family Trust owned Ravi and Shilpi Modi.

While Manyavar is a category leader in the branded wedding and celebration wear market, its other brands include Twamev, Manthan, Mohey, and Mebaz and it competes with Aditya Birla Fashion Retail, Trent, Metro Brands and TCNS Clothing Company.

In the quarter to September, Vedant’s revenue grew 31 per cent to Rs 853 crore from Rs 651.1 crore a year ago.

Prior to the public issue, it had raised Rs 944.75 crore from 75 anchor investors such as government of Singapore, Fidelity, Nomura, Morgan Stanley, Abu Dhabi Investment Authority, SBI Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, UTI, ICICI Prudential Life, etc., at the upper price band of Rs 866 per share.

And, according to the merchant banking sources, in addition to anchor investors, GIC, Fidelity, Nomura, SBI MF, Kotak MF, White Oak, Axis MF, Premji and ADIA have also invested in the IPO, according to the market sources.