Manyavar Owner Vedant Fashions IPO Subscribed 2.57 Times On Final Day
Get the latest subscription updates from Day 3 of the Vedant Fashions IPO here.
The initial share sale of Vedant Fashions Ltd. was was subscribed more than two times on the final day, led by demand from institutional investors.
The IPO by the owner of the ethnic wear brand Manyavar—that was subscribed 14% on first and 21% on the second day—was a pure offer for sale of 3.64 crore shares by existing shareholders and promoters, the Kolkata-based wedding and celebration wear brand said in its red herring prospectus. The price band was set at Rs 824-866 apiece.
At the upper end, Vedant Fashions was seeking a market value of Rs 21,017 crore. After the sale, share of promoter and promoter group will reduce to 84.9% from 92.4%.
The company will not receive any proceeds from the offer. The selling shareholders will be entitled to it entirely after deducting relevant taxes.
The IPO aims to achieve the benefits of listing the equity shares on the stock exchanges. The company expects the proposed listing to enhance visibility and brand image, and enable shareholders to obtain greater liquidity.
Subscription Details: Day 3
The IPO was subscribed 2.57 times as of 5 p.m. on Feb. 8.
Institutional investors: 7.49 times.
Non-institutional investors: 1.07 times.
Retail investors: 0.39 times.