Vedant Fashions’ initial public offering of ₹3,149.19 crore was oversubscribed 0.14 times or 14% by the end of Day 1 of the issue opened on Friday. The offer price range has been set at ₹824-866 per capital share with a par value of ₹1 each. Bids may relate to a minimum of 17 shares and in multiples of 17 thereafter.

While the share of retail investors was subscribed 0.22 times, the share of QIBs and non-institutional investors was subscribed 0.06 times each.

100% offer for sale

The company will not receive any funds as this is an offer to sell.

The offering consists of 3.63 crore shares and the selling shareholders include Rhine Holdings Limited (1.745 crore shares), Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF 1 (7.23 lakh shares) and Ravi Modi Family (1,818 crore shares).

While 50% of the issuance is reserved for QIBs, retail investors can bid for 35% and NIIs for 15%.

₹944.75 crore from core investors

On Thursday, Vedant Fashions raised ₹944.75 crore from senior investors by allocating 1.09 crore shares at the upper price range of ₹866 per share.

Marquee investors in the anchor book include Singapore Government, Nomura Funds Ireland, Fidelity Securities Fund, Abu Dhabi Investment Authority, SBI Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, UTI AMC, ICICI Prudential Life Insurance, Aditya BIrla Sun Life Mutual, HDFC Life Insurance, Pinebride Global Funds and Volrado Venture Partners.

Of the total allocation to core investors, one-third of the equity allocated to 14 domestic mutual funds is through a total of 44 programs

The issue ends on February 8.

About Vedant Fashions

Vedant Fashions Ltd. (VFL) is a leader in the Indian bridal and celebratory apparel market with a pan-India presence, operating through franchise-owned Exclusive Outlets (EBOs). Its “Maanyavar” brand is a category leader in the Indian bridal and celebratory wear market.

He established a multi-channel network and introduced brands by identifying gaps in the underserved and high-growth Indian wedding and celebratory wear category. VFL provides a one-stop destination with a wide range of product offerings for every celebratory occasion and aims to provide a seamless shopping experience at its exclusive franchise-owned branded stores.

Published on

February 07, 2022