Manyavar owner Vedant Fashions IPO kick-started on Friday. The IPO of Vedant Fashions' Manyavar brand, a category leader in the branded Indian wedding and celebration wear market, made a tepid start o Day 1. The three-day IPO that will close on February 8 witnessed mere 0.5% subscription around 11 am on the first day of opening. At around 11.30 against reserved 2,54,55,388 equity shares, the bids were made for only 12,48,905 shares.

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The Retail Individual Investors (RIIs) subscribed the issue 0.08 times with bids being received for 9,56,573 shares against 1,27,27,694 shares set aside for retail investors. Non-institutional Investors booked the issue 0.05 times with bids for 2,92,332 shares against their quota of 54,54,726 shares.

Vedant Fashions Ltd has fixed a price band of Rs 824-866 for the IPO. The issue for this offer has been capped at Rs 3,149-crore. Anchor investors bidding opened on February 3.  

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The public issue is purely an offer for sale of 36,364,838 equity shares by promoter and existing shareholders. 

Since, the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue.  At the upper end of the price band, the public issue is expected to fetch Rs 3,149 crore.  Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. 

Investors can bid for a minimum of 17 equity shares and in multiples thereof. 

Vedant Fashions' Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. The company's other brands include Twamev, Manthan, Mohey and Mebaz. 

Vedant Fashions IPO Timeline (As per Upstox)

Open date: February 4

Close date: February 8

Allotment begins:  February 11

Refund initiation: February 14

Allotment finalisation date: February 15

Listing date: February 16.