Manyavar IPO
Manyavar IPO — date, price band, lot size & details 2022
Manyavar listed on 16 Feb 2022 at ₹935, 8% above the ₹866 issue price.
Vedant Fashions, known for its Manyavar brand, sells Indian wedding and celebration wear through a large network of franchise-owned stores. Its total income was Rs 625.02 crore in FY2021.
Stock price
Manyavar is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 04 Feb 2022
- Close 08 Feb 2022
- Allotment 11 Feb 2022
- Refund/credit 14 Feb 2022
- Listing 16 Feb 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 4 to 8 Feb, 2022 |
|---|---|
| Price Band | ₹824 – ₹866 |
| Face Value | ₹1 |
| Lot Size | 17 Shares |
| Issue Size | ₹3149.19 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,722 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 17 shares at the ₹866 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 17 | ₹14,722 |
| Retail (max) | 13 | 221 | ₹1,91,386 |
| S-HNI (min) | 14 | 238 | ₹2,06,108 |
| S-HNI (max) | 67 | 1,139 | ₹9,86,374 |
| B-HNI (min) | 68 | 1,156 | ₹10,01,096 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax was 23.50% of income as per the source, a high margin for apparel retail.
- 02Profit after tax rose from Rs 176.43 crore in FY2019 to Rs 236.64 crore in FY2020 before the pandemic.
- 03The source shows an EBITDA margin of 49.88%.
- 04It was the largest company in men's Indian wedding and celebration wear in Financial Year 2020.
- 05It had 535 exclusive brand outlets across 212 cities and towns on 30 September 2021.
Risks · 5
- 01The whole Rs 3,149.19 crore issue was offer for sale, so no money went to the company.
- 02The pre-issue P/E was 158.03 at the upper band of Rs 866, based on EPS of Rs 5.48.
- 03Total income fell from Rs 947.98 crore in FY2020 to Rs 625.02 crore in FY2021.
- 04Sales depend on weddings and festivals, which were disrupted during the pandemic. Profit fell to Rs 132.90 crore in FY2021.
- 05Promoters and the promoter group held 92.4% before the issue and 84.91% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Manyavar offer document.
| Metric | 30 Sep 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 1,445.50 | 1,625.65 | 1,591.55 | 1,318.51 |
| Total Income | 387.29 | 625.02 | 947.98 | 819.80 |
| Profit After Tax | 98.41 | 132.90 | 236.64 | 176.43 |
| EBITDA | 175.95 | 281.71 | 398.77 | 337.95 |
| NET Worth | 858.59 | 1,090.65 | 1,065.25 | 882.01 |
| Reserves and Surplus | 835.11 | 1,066.62 | 1,040.97 | 857.72 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Manyavar RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Manyavar IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹5.48 | ₹8.11 |
| P/E Ratio (x) | 158.03 | 106.78 |
| Market Cap at Offer Price (₹ Cr) | ₹15,551.65 | ₹10,508.39 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹866 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Manyavar IPO will be updated shortly.
About the company
Its brands are Manyavar, Mohey, Mebaz, Manthan and Twamev, covering men's and women's celebration wear.
It sells mainly through franchise-owned exclusive brand outlets, plus multi-brand outlets, large format stores and online through manyavar.com and its app. On 30 September 2021 it had 535 exclusive brand outlets, including 55 shop-in-shops, across 212 cities and towns in India, with a retail area of 1.2 million sq. ft.
The IPO was Rs 3,149.19 crore and was entirely an offer for sale, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Manyavar IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
75 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
70 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
55 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Rategain Travel Technologies (-15.3%).
IIFL Capital Services Limited
73 issues handledBest listing: MTAR Technologies (+82.6%). Weakest: Rategain Travel Technologies (-15.3%).
Edelweiss Financial Services Ltd
9 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Manyavar?
The current Grey Market Premium is ₹0.
What is the Manyavar IPO price band?
₹824 to ₹866, on a face value of ₹1.
When is the allotment?
The basis of allotment is 11 February 2022, with listing on 16 February 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
