Ethnic apparel brand Manyavar’s IPO opens on February 4; GMP already at ₹80 per share

• Vedant Fashions, owner of ethnic wear brand Manyavar, will open its IPO on February 4 and will close on February 8.
• The price band of the IPO is ₹824 - 866 per share.
• Shares of the company are already demanding a premium of ₹80 per share in the grey market.

Kolkata-based Vedant Fashions, which owns ethnic wear brand Manyavar, will open its initial public offering (IPO) on February 4 and will close on February 8.

The company caters to the Indian celebration wear market with a diverse portfolio of brands -- Manyavar, Mohey, Mebaz, Manthan and Twamev. The company’s flagship brand ‘Manyavar’ is a category leader in the branded wedding and celebration wear market with a pan-India presence, as per the company.

As of September 30, 2021, Vedant Fashions has 535 exclusive brand outlets (EBOs) spanning across 212 cities and towns in India, and 11 EBOs overseas across the United States, Canada and the UAE.

The company offers products through both offline and online mode but 90% of its sales comes through exclusive outlets.
(Source: Red Herring Prospectus)

The ₹3,149 crore IPO is a complete offer for sale of 3.63 crore equity shares by promoters and existing shareholders. Shares of the company are already demanding a premium of ₹80 per share in the grey market.

Vedant Fashions is a profitable company however, its financial performance has declined marginally in FY21.
(Source: Red Herring Prospectus)

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