Public Market

IPO

Ethnic wear retailer Manyavar to go for Rs.2,000-Cr IPO

Mint  

Ethnic wear brand Manyavar, owned by Vedant Fashions Pvt. Ltd, has started working on a proposed initial public offering (IPO) to raise INR 2,000 crore. The apparel retailer, which operates 600 stores across the country, also owns ethnic wear brands Mohey and Mebaz. The company has hired investment banks Kotak, Axis, Isec and IIFL to prepare its draft red herring prospectus. Existing private equity investor Kedaara Capital is expected to sell a significant part of its stake in the IPO. Kedaara Capital has around 7.5% stake in the company. The PE investor had invested INR 250-300 crore in Manyavar In 2017.