Kedaara-backed Vedant Fashions eyes IPO; Suneet Weling joins BNP Paribas
Photo Credit: Shah Junaid/VCCircle

Vedant Fashions Pvt. Ltd, which sells ethnic wear under the Manyavar brand, is planning an initial sale of shares and may start the process soon, a financial daily

Citing one person, Mint reported that the formal process to appoint bankers for managing the initial public offering will be done as early as next month.

Last year, private equity firm Kedaara Capital had acquired a 10% stake in Vedant Fashions for Rs 400-450 crore.

Incorporated in 2002, the Kolkata-based company registered net sales of Rs 610 crore and profit after tax of Rs 111.3, according to VCCEdge, the data research platform of News Corp VCCircle.

BNP Paribas gets new MD

Suneet Weling, who was serving till recently as the executive director of Kotak Investment Banking, will join the India unit of French banking and financial services giant BNP Paribas as its managing director and head of advisory, capital markets and financing.

Though Weling confirmed the development to Mint, he did not disclose what would be his role and designation at BNP Paribas. According to the report, Weling had worked in a few key transactions with the Tata Group, HDFC, ICICI Bank and Piramal Enterprises.

In his earlier stints, Weling served as a director at Deutsche Bank, and vice-president at Merrill Lynch’s investment banking division, according to his LinkedIn profile.

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