India: Manyavar owner Vedant Fashions files draft papers with Sebi for an IPO

Photo: Manyavar

Ethnic wear brand Manyavar, owned by Vedant Fashions Ltd, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds via an initial public offering (IPO).

The issue comprises a pure offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders.

The OFS has up to 17.46 million shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 18.18 million shares by Ravi Modi Family Trust.

Currently, Rhine Holdings has 7.2% stake, while Kedaara AIF holds 0.3% stake. Ravi Modi Family Trust has 74.67% stake in the firm.

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.

As of 30 June 2021, it had a retail footprint of 1.1 million sq. ft covering 525 exclusive brand outlets (EBOs), including 55 shop-in-shop, spanning across 207 cities and towns in India and 12 EBOs overseas across the US, Canada and the UAE. The firm aims to double its national footprint over the next few years.

“We intend to focus our expansion effects in markets where we determine there is an increasing demand for our products, and where we can leverage our existing presence to expand our market share. Through our cluster-based expansion strategy, we have identified several cities and towns in both existing geographies where we have a presence and new geographies where we plan to establish our first EBOs,” the firm said in the DRHP.

For FY21, its revenue from operations was at ₹564.82 crore against ₹915.55 crore a year ago. Net profit for the period stood at ₹181.92 crore versus ₹311.84 crore last year.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.