IPO: Rs 3,150-crore IPO of Vedant Fashions to open on Feb 4

Mumbai: The ₹3,150-crore initial public offering (IPO) of ethnic apparel retailer Vedant Fashions will open for subscription on next Friday (February 4). The Kolkata-based company will sell its shares in the range of ₹824-866. The issue is entirely an offer for sale (OFS) of 3.64 lakh equity shares of Re one face value by promoters and existing shareholders.

Investors can bid for a minimum of 17 equity shares and multiples of 17 thereof. The IPO will close for subscription on February 8.

The OFS comprises sales of up to 1.74 crore shares by Rhine Holdings, up to 7.23 lakh shares by Kedaara Capital, and up to 1.81 crore shares by Ravi Modi Family Trust. Being entirely an OFS, the company will not receive any proceeds from the public issue.

While 50% of the net issue is reserved for qualified institutional buyers (QIBs), non-institutional buyers will have 15% shares allocated for them. The retail portion has been fixed at 35%.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital are the book running lead managers to the issue.

Vedant Fashions caters to the Indian celebration wear market with a diverse portfolio of brands including Manyavar, Mohey, Mebaz, Manthan and Twamev.