Vedant Fashions raises Rs 945 crore from 75 anchor investors ahead of IPO

Vedant Fashions Limited on Thursday announced that it has raised Rs 944.75 crore from 75 anchor investors ahead of its proposed initial public offering (IPO). The company, which offers Indian wedding and celebrations wear for men, women and kids, allotted 10,909,450 equity shares to 75 anchor investors at the upper price band of Rs 866 per equity share.

Vedant Fashions’ product portfolio includes brands like Manyavar, Twamev, Manthan, Mohey, and Mebaz.

“The IPO Committee of the Board of Directors of the Company at its meeting held on February 3, 2022, and Selling Shareholders, in consultation with Axis Capital Limited, Edelweiss Financial Services Limited, ICICI Securities Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited (the “Book Running Lead Managers” or “BRLMs”), have finalized allocation of 10,909,450 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs 866 per Equity Share (including share premium of Rs 865 per Equity Share), Vedant Fashions said in a statement.

The company added, “The offer consists of 36,364,838 equity shares of face value of Rs 1 each (“ Equity Shares ”) of the company comprising of an offer for sale of up to 36,364,838 equity shares (“ Offered Shares ”), comprising of up to 17,459,392 equity shares by Rhine Holdings Limited, up to 723,014 equity shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF 1 and up to 18,182,432 equity shares by Ravi Modi Family Trust ”.

SBI Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, ICICI Prudential, Aditya Birla Sun Life, ICICI Prudential Life Insurance, HDFC Life Insurance, DSP MF, UTI MF, Sundaram MF, IDFC MF, Motilal Oswal MF, ITPL Invesco, Canara Robeco MF, Edelweiss MF, Bajaj Allianz Life Insurance, Kotak Mahindra Life Insurance and Bharti Axa Life Insurance have also invested in Vedant Fashions Limited through anchor book.

Marquee investors such as – Government of Singapore, Nomura, Wellington Trust Company, Morgan Stanley, Ashoka India Opportunities Fund, Abu Dhabi Investment Authority, Monetary Authority of Singapore, Fidelity Securities, Amundi Funds, BNP Paribas Arbitrage, Carmignac Portfolio, Eastspring Investments, Pinebridge Global Funds, Volrado Venture, Elara India Opportunities Fund and Societe Generale – participated in the offer.

The company is planning to raise Rs 3,149 crore through its IPO, which is entirely an offer for sale by promoters and investors. The Price Band of the offer is Rs 824 to 866 per Equity Share of the face of Rs 1 each.

Bids can be made for a minimum of 17 Equity Shares and in multiples of 17 Equity Shares thereafter. The offer will open on February 4 and will continue till February 8, 2022.

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