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All that you should know about the Company before applying for the IPO.

February 03, 2022     

The public issue of equity shares of Vedant Fashions Limited will open for subscription on February 04, 2022 and closes on February 08, 2022. It is expected to list on the stock exchanges on February 16, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Established in the year 2002, it is the largest company in India in the men’s Indian wedding and celebration wear segment, in terms of revenue and profit after tax for the fiscal 2020. The Company operates as a one-stop destination with a wide-spectrum of product offerings for every celebratory occasion. It’s portfolio of products includes a diverse range of attires and accessories, designed in-house by experienced designers, and manufactured by experienced artisans.

The Company sells its products under 5 brands – ‘Manyavar’, ‘Mohey’, ‘Mebaz’, ‘Manthan’, and ‘Twamev’ – which are owned by the Company itself. ‘Manyavar’ brand is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence. ‘Mohey’ is its flagship brand for women’s Indian wedding and celebration wears.

The Company claims to have an asset-light business in respect of its plant, property and equipment. Majority of its sales (90%) are generated through franchisee-owned EBOs (Exclusive Brand Outlets), 2% by online channels (including its website manyavar.com), and the remaining through Multi Brand Outlets, shop-in-shops, and Large Format Stores.

The Company has a retail footprint of 1.2 million square feet covering 535 EBOs (including 58 shop-in-shops) spanning across 212 cities and towns in India, and 11 EBOs overseas in 8 cities across the United States, Canada and the UAE, which are countries with a large Indian diaspora. 98.58% of its revenue comes from domestic sales (of which, 44.22% from Tier 1 cities, 42.05% from Tier 2 cities, and 12.31% from Tier 3 cities) and the remaining 1.42% from international markets.

Who are the Promoters of the Company?

Ravi Modi, Shilpi Modi, and Ravi Modi Family Trust

Positives about the Company

  • Market leader in the Indian celebration wear market with a diverse portfolio of brands catering to the aspirations of the entire family
  • Omni-channel network with the seamless integration of our online and offline channels
  • Differentiated business model combining the strengths of retailing with branded consumer play
  • Technology-based strong supply chain and inventory replenishment systems driven by systemwide data analytics, strong processes and longstanding vendor relationships
  • Large and growing Indian wedding and celebration wear market driven by an increased spending on such wear
  • Experienced and professional founder-led leadership team

Who are its key competitors?

There are no listed companies in India

Why is the Company going public?

To achieve the benefits of listing the equity shares on the stock exchanges

The Offer is a 100% Offer for Sale issue. The Company will not receive any proceeds from the Offer for Sale and all proceeds from the Offer will go to the Selling Shareholders.

IPO Details

IPO Size ₹ 3,149.19 Crore *
Offer Mix 100% Offer For Sale
Price Band ₹ 824 - ₹ 866
Lot Size 17 Shares (& in multiples thereof)
Face Value ₹ 1
Application Amount Min. ₹ 14,722 (1 lot) | Max. ₹ 1,91,386 (13 lots) [at upper price band]
Listing on NSE & BSE
Registrar Kfin Technologies Private Limited
Cut-off time for UPI Mandate Confirmation 09-Feb-2022 (up to 12:00 PM)
* at upper price band

Category Wise Availability *

QIB ₹ 1,574.60 Crore
(50% of Issue Size)
NIB ₹ 472.38 Crore
(15% of Issue Size)
Retail ₹ 1,102.21 Crore
(35% of Issue Size)
* at upper price band

Indicative Issue Timeline

Activity Date
IPO Opens February 04, 2022
IPO Closes February 08, 2022
Finalization of the basis of allotment February 11, 2022
Unblocking of funds / Initiation of refunds February 14, 2022
Credit of equity shares to Demat accounts February 15, 2022
Listing of equity shares February 16, 2022
Source: Company RHP
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