Manyavar IPO opens today — Check out the important dates and details of the IPO

• Vedant Fashions, owner of ethnic wear brand Manyavar, will open its IPO today, February 4, and will close on February 8.
• 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 were trading at a premium of ₹50 per share in the grey market.

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

The ₹3,149 crore IPO is a complete offer for sale of 3.63 crore equity shares by promoters and existing shareholders. The price band of the IPO is ₹824 - 866 per share.

Also, the company is fetching a premium of ₹50 over the upper price band of ₹866 in the grey market.

Here are some of the important details of the IPO:
The ethnic wear company sells its products through five brands -- Manyavar, Mohey, Mebaz, Manthan and Twamev. The company’s flagship brand ‘Manyavar’ is one of the famous brands known for wedding collections.

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.

However, buying clothes from a famous brand is not similar to buying shares of the same company. Click here to read the analysts view on whether to subscribe to the IPO or not.

The company’s profit was impacted in FY21 due to the COVID-19 situation. Adding to it, analysts are not very confident about the company maintaining its profit levels in the coming years because of high margin and inflation pressure.

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