Vedant Fashions IPO Subscribed 11% on Day 1

One of the leading brands in the Indian wedding and celebration segment, Vedant Fashions opened its IPO on February 4. The company got bids for 28.40 lakh equity shares against an IPO size of 2.54 crore units. It was subscribed 11% on the first day of bidding.

The retail investors’ portion was subscribed 20% and the non-institutional investors saw 6% subscription. Half of the offer is reserved for qualified institutional buyers and the investors are yet to invest in the IPO. 

Vedant Fashions plans to raise Rs 3,149.19 crore with this IPO.  The company has already mobilised Rs 944.75 crore from its anchor investors prior to the IPO. The price band for the IPO is  Rs 824-866 per equity share. The company will close its IPO on February 8.