Shares of Vedant Fashions, which owns the ethnic wear brand Manyavar, made a decent stock market debut amid volatility in the market.
Shares of Vedant Fashions, which owns the ethnic wear brand Manyavar, made a decent stock market debut amid volatility in the market. Shares of Vedant Fashions were listed at Rs 936 per share on the BSE against issue price of Rs 866 at the upper price band. This was a premium of Rs 70 or 8.08%. On the NSE, shares of Vedant Fashions were listed at 7.97% premium or higher by Rs 69 to RS 935 per share on Wednesday.
Earlier, Zee Business Managing Editor Anil Singhvi has also said that the issue would be listed in the Rs 900-950 range.
The Rs 3,149 crore initial public offering (IPO) of Vedant Fashions Limited closed on February 8, 2022, with 2.57 times subscription. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 7.49 times, while the Non-Institutional Investors’ portion and Retail Individual Investors (RIIs) were subscribed 7.07 times and 0.39 times, respectively.
Earlier, market experts and analysts were of the view that shares of Vedant Fashions would be listed at a flat to discounted rates on the exchanges.
“The company’s grey market share price is at par with the upper price band and the ongoing global scenarios will continue to impact the Indian market, and hence the shares are expected to list below the issue price, said Aayush Agrawal, Senior Analyst, Swastika Investmart Ltd.
Likhita Chepa, Senior Research Analyst at CapitalVia Global Research, also had said that the IPO might not generate any listing gain on Wednesday.
“We expect Vedant fashion to list at a discount of 8 to 10 percent, although its GMP is signaling at par listing. It’s expensive valuation, impact on its revenue due to the pandemic and 100 percent OFS has already led to tepid response of the investors,” highlighted Likhita Chepa.
