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Vedant Fashions-backed Manyavar lists 8% premium on debut
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SME Times News Bureau | 16 Feb, 2022
Shares of Vedant Fashions, which runs clothing brand Manyavar, made a
healthy debut on the exchanges on Wednesday. The company's shares opened
at Rs 935 per share on the NSE, an eight per cent premium over its
issue price of Rs 866.
The company deals in men's ethnic
and celebration wear items such as Indo-western, sherwanis, kurtas,
among others. It has more than 600 stores in over 200 cities and in 3
countries with 11 international stores in the UAE and the US.
The
initial public offering of the company which was open for bidding in
early February was subscribed 2.6 times the shares that were on offer,
according to reports.
"Vedant Fashion is debuting the secondary
market on a positive note despite poor subscription figures. The company
has strong brand value with good fundamentals however valuation is a
major concern, therefore, investors should approach it from the
long-term perspective where any dip of 15-20 per cent from current
levels will be a good buying opportunity," said Santosh Meena, Head of
Research, Swastika Investmart.
Those investors who applied to
make count the listing gains should maintain a stop loss of Rs 890,
Meena said. At 1.55 p.m., the shares traded at Rs 988.40, up 14.13 per
cent on the NSE.
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