IPO-Note   Vedant Fashions Limited (Manyavar)
Rs 824 – Rs 866 per Equity share Recommendation: Avoid

Vedant Fashions Limited (Manyavar) IPO Company Profile:

In India, Vedant Fashion Limited is the leading company in ethnic wear with its ‘Manyavar’ brand is a category leader in the men’s Indian wedding and celebration wear market with a pan India presence. It establishing its dominance in the premium and value segments through it other brands, Twamev and Manthan, respectively, and in the women’s Indian wedding and celebration wear market through brand, Mohey, launched in 2015. In financial year 2018, it acquired Mebaz, a regional legacy brand catering to the entire family with a rich heritage and established presence in the states of Andhra Pradesh and Telangana. As of September 30, 2021, it had a retail footprint of 1.2 million square feet covering 535 EBOs (including 58 shop-in-shops) spanning across 212 cities and towns in India, and 11 EBOs overseas across the United States, Canada and the UAE.

Vedant Fashions Limited (Manyavar) IPO Details –

Issue Details
Objects of the issue · To achieve the benefits of listing the equity shares on the stock exchanges; and

·  To carry out the Offer for Sale of up to 36,364,838 equity shares by the selling shareholders.

Issue Size Total issue Size -Rs. 3149.19 Cr.

Offer for Sale – Rs. 3149.19 Cr.

Face value Rs.1.00 Per Equity Share
Issue Price Rs. 824 – Rs. 866
Bid Lot 17 shares
Listing at  BSE, NSE
Issue Opens: 4th Feb, 2022 – 8th Feb, 2022
QIB 50% of Net Issue Offer
Retail 35% of Net Issue Offer
NIB 15% of Net Issue Offer

      Vedant Fashions Limited (Manyavar) IPO

Wants To Apply Online

Trade AnyTime AnyWhere With Elite Empower Mobile App


Vedant Fashions Limited (Manyavar) Strengths:

  • Market leader in the Indian celebration wear market with a diverse portfolio of brands
  • Omni-channel network with the seamless integration of offline and online channel
  • High Differentiated business model combining the strengths of retailing with branded consumer play

Check  Vedant Fashions Limited (Manyavar) IPO Allotment Status

Go  Vedant Fashions Limited (Manyavar) IPO allotment status would be available soon after the IPO closure date. Usually the allotment comes within a week from the closing date which in this IPO yet to be announced.

One can check the allotment on the given below link with PAN number or Application number or DP Client Id. All you need to do is to follow these steps:-

  1. To  Vedant Fashions Limited (Manyavar) IPO Allotment Status
  2. Go to Application Status
  3. Select IPO as  Vedant Fashions Limited (Manyavar) IPO
  4. Enter your PAN Number or Application Id or DP Client Id.


 Vedant Fashions Limited (Manyavar) IPO

Application Form

Vedant Fashions Limited (Manyavar) Financial Performance:

Vedant-Fashions- Limited- (Manyavar)- Financial- Performance

Vedant Fashions Limited (Manyavar) Shareholding Pattern:

Shareholding Pattern Pre- Issue Post Issue
Promoters & Promoter Group 92.40% 84.91%
Public  7.60% 15.09%

Vedant Fashions Limited (Manyavar) Key Highlights:

  • Revenue from operations declined 38.3% in FY21 due to ongoing Covid Pandemic however showed good recovery in H1FY22 with revenue up 4x compared to H1FY21.
  • EBITDA Margin was 48.90% in H1FY22 vs 40.93% in H1FY21
  • Manyavar brand contributed 82.5% of the Sales of Customers for the six months ended September 30, 2021.
  • In FY21, over 90% of the Sales of its Customers was generated by its Exclusive Brand Outlets.
  • Debt to equity ratio of the company is negligible.
  • CFO/EBITDA stands at 1.02 in FY21. ROCE for FY21 stood at 22.9% with interest coverage ratio of 9.4.

Vedant Fashions Limited (Manyavar) Risk Factors:

  • Business is highly concentrated on Indian wedding and celebration wear and vulnerable to variations in demand
  • In FY19 and FY20, it launched two new brands Manthan and Twamev and the brands may not be successful as the company anticipates.
  • Significant portion of the revenue of the company’s are by its franchisee owned Exclusive Brand Outlets.

Vedant Fashions Limited (Manyavar) Outlook:

Vedant Fashion leads the peers in terms of financials in the Indian wedding and celebration wear category. With majority of sales being generated through franchisee-owned EBOs, it does not need to invest in developing manufacturing facilities or a distribution system. CRISIL estimates the Indian wedding and celebration wear apparel market to grow at a 15% to 17% over FY22-25, with an estimated 9.5 million to 10 million weddings per year. At the higher price band of Rs 866, the offer is made at P/B multiple of 24.42x and P/E multiple of 100x on TTM EPS basis. The company buyback its shares in July 2021 at Rs 495. Keeping in mind the buyback price we recommend avoid to the IPO considering the high valuation of the company. However Aggressive investors can subscribe to the IPO as company has Good Financials and leadership in their segment.

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited,
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website:
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL