The ₹3,149.19-crore initial public offering of Vedant Fashions opens for public subscription on Friday. The price band of the offer has been fixed at ₹824-866 per equity share of face value of ₹1 each. Bids can be made for a minimum of 17 equity shares and in multiples of 17 thereafter.

100% offer-for-sale

The company will not receive any funds, as the issue is an offer-for-sale.

The offer consists 3.63 crore shares and the selling shareholders include Rhine Holdings Limited (1.745 crore shares), Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF 1 (7.23 lakh shares) and Ravi Modi Family (1.818 crore shares).

While 50 per cent of the issue is reserved for QIBs, retail investors can bid for 35 per ent and NIIs for 15 per cent.

Anchor investors

On Thursday, Vedant Fashions raised ₹944.75 crore from anchor investors by allocating 1.09 crore shares at the upper price band of ₹866 an equity share

Marquee Investors in the anchor book include the Govt. of Singapore, Nomura Funds Ireland, Fidelity Securities Fund, Abu Dhabi Investment Authority, SBI Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, UTI AMC, ICICI Prudential Life Insurance, Aditya BIrla Sun Life Mutual, HDFC Life Insurance, Pinebride Global Funds and Volrado Venture Partners.

Of the total allocation to the anchor investors, one-third of the shares allocated to 14 domestic mutual funds is through a total of 44 schemes

The issue closes on February 8.

About Vedant Fashions

Vedant Fashions Ltd. (VFL) is a leader in the branded Indian wedding and celebration wear market with a pan-India presence, operating through franchise-owned exclusive brand outlets (EBOs). Its ‘Maanyavar’ brand is a category leader in the branded Indian wedding and celebration wear market.

It has established a multi-channel network and introduced brands by identifying gaps in the under-served and high-growth Indian wedding and celebration wear category. VFL offers a one-stop destination with a wide-spectrum of product offerings for every celebratory occasion and aims to deliver a seamless purchase experience through their franchisee-owned exclusive brand stores.