Ethnic wear brand Manyavar’s parent Vedant Fashion has raised Rs 944.76 crore from 75 anchor investors including sovereign funds Abu Dhabi Investment Authority (ADIA) and Government of Singapore ahead of its initial public offering (IPO).
The Kolkata-based firm allotted 10.91 million shares at the upper end of the IPO price band of Rs 824-866 apiece, according to regulatory filings uploaded on Thursday.
The company aims to raise Rs 3,149.19 crore from the IPO that comprises of entirely an offer-for-sale from promoters and existing investors by selling 36.36 million shares.
A third of the entire anchor issue was subscribed by 14 domestic mutual funds through a total of 44 schemes.
Mutual funds like SBI, Kotak, Axis, ICICI, Aditya Birla, Mirae, DSP, UTI, Sundaram, IDFC, Motilala Oswal, ITPL Invesco, Canara Robeco, and Edelweiss together subscribed for 3.66 million shares worth Rs 316.8 crore.
Fidelity Blus Chip Growth Fund, Wellington Trust, Monetary Authority of Singapore, Ashoka India Opportunities Fund, Pioneer Investment Fund, PineBridge, Eastspring, Carmignac, and Volrado Venture Partners also joined as anchor investors.
Anchor investors, also known as cornerstone investors, are institutions that accept a one-month lock-in for a sizeable allocation of shares.
Their participation highlights investors’ confidence in an IPO and sets a benchmark for the investor community at large.
Kedaara-backed Vedaant Fashion filed for an IPO in September 2021.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.
The firm is in the men's Indian wedding and celebration wear market. Its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. Its other brands include Twamev, Manthan, Mohey, and Mebaz.