New Delhi. Manyavar’s parent company Vedanta Fashion’s IPO (Vedant Fashions IPO) will be listed on the stock exchange tomorrow, on February 16, 2022. The Rs 3,149 crore IPO brought by the company was subscribed 2.57 times on its last day. According to analysts working in unlisted companies, Vedanta Fashion’s stock was trading at a premium of ₹ 22 on February 15 in the gray-market premium. The company has fixed the upper price band of the stock at ₹866 per share.
On Monday, the Indian stock market had fallen tremendously and its premium had gone negative. On February 14, it was trading at Rs 2 less than its issue price. But on Tuesday, when the Indian stock market showed a tremendous boom, then the premium of Vedanta Fashion has also jumped up to Rs 22.
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A report by Financial Express quoted Likita Chepa, Senior Research Analyst, Capital Via Global Riches, as saying that due to increased selling pressure and increased volatility in the Indian markets, the expectations from Vedanta Fashions are not good. It has been said in this report that this stock can open at a discount of 8 to 10 percent.
was subscribed two and a half times
The company has brought an offer-for-sale of Rs 3,149 crore. For two days after opening for the investors, there was a very cold response from the investors, but on the last day it was filled up to two and a half times. The company has received 6,53,72,718 bids for 2,54,55,388.
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about the company
At present, Rine Holdings holds 7.2% stake in Vedanta Fashion, 0.3% stake is with Kedara AIF, while 74.67% stake is with Ravi Modi Family Trust. Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers of the issue.
Let us tell you that Vedanta Fashion deals in the ethnic wear segment of men. Its flagship brand ‘Manyavar’ has a pan-India presence and is the market leader in the Indian Wedding and Celebration Wear segment. Apart from this, brands like Twamev, Manthan, Mohey and Mebaz are also included near Vendat Fashion.
Tags: IPO, Share market
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