The stock was listed on BSE at Rs 936 with a premium of 8 per cent. At the same time, it was listed on NSE at Rs 935. The investors made a profit of Rs 70 on each share.
It is the third company to be listed on the exchange in 2022 after AGS Transact Technologies and Adani Wilmar.
Stock Market on Wednesday amid ups and downs in Vedanta Fashions (Vedant Fashions, The shares have got a good listing. The stock was listed on BSE at Rs 936 with a premium of 8 per cent. At the same time, it was listed on NSE at Rs 935. The issue price of Vedanta Fashions IPO was Rs 866 per share. The investors have made a profit of Rs 70 on each share. AGS Transact Technologies And Adani Wilmar After this, it is the third company to be listed on the exchange in the year 2022. The listing was on expected lines considering the sluggish investor response, high valuations, full issue offer and market volatility.
Vedanta Fashion’s first public offering was subscribed 2.57 times during 4-8 February. The reserve share of Qualified Institutional Buyers (QIBs) was subscribed 7.49 times. However, the share of non-institutional investors (NIIs) was 1.07 times and that of retail investors was 39%. Under the IPO, a total of 2,54,55,388 shares were placed for bidding, in return for which the company got 6,53,72,718 shares. The company had raised Rs 945 crore from anchor investors a day before the IPO.
Vedanta Fashion was established in 2002. This company sells its ethnic wear under the name of Manyavar brand. In Manyavar you will find ethnic dresses for women, men and children for wedding and any other kind of celebration. Manyavar has exclusive brand outlets across the country. There are 825 multi brand outlets. Apart from this, there are 145 large format stores. Apart from this, it is also available on the online platform.
It is the largest brand in India among Men’s Indian Wedding Brands. The company works on the Franchisee Owned Company Operated (FOCO) model. Apart from Manyavar, Vedanta Fashion also sells its products under the brands Twamev, Manthan, Mohey and Mebaz.
Company’s financial health
If we look at the financial performance of the company, between the financial year 2018-19 to the financial year 2020-21, the company’s operating revenue is seeing an average decline of 16 percent on a yearly basis. According to the documents submitted to SEBI, in the financial year 2020-21, the majority of the company’s revenue is from franchise-owned outlets.
Shares of Vedanta Fashions have risen after the listing. The stock reached a high of Rs 975.30 on BSE. At present, the stock is trading at Rs 946.70 with a gain of 9.32 per cent. The low level of the stock was Rs 926.25 during trading. The company’s market cap is Rs 22,975.91 crore.