Shares of Vedant Fashions were currently trading at Rs 931.10 on the BSE, at a premium of 7.52% as compared to the issue price of Rs 866.
The scrip was listed at Rs 936, representing a premium of 8.08% to the initial public offer (IPO) price.So far, the scrip has hit a high of Rs 949.50 and a low of Rs 930.20. Over 67,000 shares of the company have changed hands in the counter till now.
The initial public offer (IPO) of Vedant Fashions (Manyavar) was subscribed 2.57 times. The issue opened for bidding on 4 February 2022 and it closed on 8 February 2022. The price band of the IPO was fixed at Rs 824-866 per share.
The offer comprised an offer for sale by selling shareholders, Rhine Holdings of up to 1,74,59,392 equity shares; Ravi Modi Family Trust of up to 1,81,82,432 equity shares and Kedaara Capital Alternative Investment Fund - Kedaara Capital AIF I of up to 7,23,014 equity shares.
Vedant Fashions is engaged in retailing of ethnic wear. Its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. Its other brands include Twamev, Manthan, Mohey and Mebaz. The Manyavar brand accounts for about 80% of the company's revenues.
As of 30 September 2021, the company had a retail footprint of 1.2 million square feet covering 535 exclusive brand outlets (EBOs), including 58 shop-in shop, spanning across 212 cities and towns in India and 11 EBOs overseas across United States, Canada and the UAE.
The company reported a consolidated net profit of Rs 98.40 crore and sales of Rs 359.80 crore for the twelve months ended September 2021.
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