Manyavar-Owner Vedant Fashions Files IPO Papers

Vedant Fashions, the owner of ethnic wear brand Manyavar, has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). The issue will be an offer for sale (OFS) of up to 36.36 million shares by the promoter and shareholders, including Rhine Holdings, Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I and Ravi Modi Family Trust.

Rhine Holdings currently has a 7.2 per cent stake in Vedant Fashions, while Kedaara AIF holds 0.3 per cent and Ravi Modi Family Trust has 74.67 per cent stake in the company.

Vedant Fashions will not receive any proceeds from the share offering as it is an offer for sale.

Vedant Fashions' Manyavar brand is a leader in the branded Indian wedding and celebration wear market. Its other brands include Twamev, Manthan, Mohey and Mebaz. Vedant Fashions is owned by Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue. KFin Technologies is the registrar to the issue.