Manyavar IPO Approved By SEBI: 3.6 Crore Shares Will Be Offered To Investors (Launch Date, Rules & More)
SEBI approves Manyavar to float IPO
- Manyavar got approved by SEBI to raise funds through IPO.
- The company filed the draft papers with the SEBI in September 2021. The company has made a pure offer-for-safe (OFS) of 36,364,838 equity shares by promoter and existing shareholders.
- The IPO issued is completely offer-to-sale so the firm will not receive any proceeds from the public issue.
- Axis Capital, Edelweiss, Financial Services, ICICI securities, IIFL Securities and Kotak Mahendra Capit are the leading book running managers of the issue.
Manyavar is an ethnic wear company owned by Vedant Fashion Ltd. Manyavar has gotten approval from the Securities Board of India (SEBI) to raise funds through an initial public offering.
Manyavar has made a pure offer-for-safe IPO
The company filed the draft papers with the SEBI in September 2021. The company has made a pure offer-for-safe (OFS) of 36,364,838 equity shares by promoter and existing shareholders as per the offer document – Draft Red Herring Prospectus (DRHP). The company got an observation letter on January 18. The update was shown by SEBI on Monday.
The offer-for-sale consists of the sale of up to 1.74 crore shares by Rhine Holdings Ltd, up to 7.23 lakh shares by Kedaara Capital Alternatives Investment Fund-Kedaara Capital AIF I, and up to 1.81 crore shares by Ravi Modi Family Trust. The IPO issued is completely offer-to-sale so the firm will not be receiving any proceeds from the public issue.
Manyavar is a leading company in the category of Indian wedding and celebration wear and the brand has a presence throughout the country. Vedant Fashions, the company that owns Manyavar also owns other companies like Twamev, Manthan, Mohey, and Mebaz.
Vedant Fashions Ltd. is a global company
Vedant Fashions owns a retail network with 537 exclusive brand outlets called EBOs, these include 55 shop-in-shops all throughout the world. The company has 12 foreign EBOs across the United States, Canada and UAE. These countries have the largest Indian diasporic population.
“We seek to grow our retail network and product reach by entering new geographies, including in tier 2 and 3 towns and cities in India, as we believe that these markets offer significant growth opportunities for us, ” Manyavar has said in the draft papers.
The leading book running managers for the offer are Axis Capital, Edelweiss, Financial Services, ICICI securities, IIFL Securities and Kotak Mahendra Capital.