Vedant Fashions IPO: Subscription, GMP, Listing 2022

Vedant Fashions, the company behind ethnic wear brands such as Manyavar and Mohey, closed its initial public offering (IPO) with overall subscription of 2.57 times. The public issue was an offer-for-sale and was tracked closely through Day 3 as institutional demand strengthened sharply after a muted response in the first two days.

The issue size was reported at Rs 3,149.19 crore, with a price band of Rs 824 to Rs 866 per share. The IPO opened on 4 February 2022 and closed on 8 February 2022, with the listing expected on 16 February 2022.

IPO size, price band, and key dates

Vedant Fashions’ IPO was a public issue of 2,54,55,388 equity shares. The bidding window ran for three days, starting February 4 and ending February 8, 2022.

The listing was expected on February 16, 2022, with reporting indicating the stock would list on the National Stock Exchange (NSE) on Wednesday after the completion of the share sale.

A tentative grey market premium (GMP) was cited at Rs 40, alongside the price band of Rs 824-866.

How subscription is tracked in an IPO

IPO subscription indicates how many applications are received against shares offered in each investor category. The numbers are typically presented as “times subscribed” for:

• QIB (Qualified Institutional Buyers)
• NII (Non-Institutional Investors)
• RII (Retail Individual Investors)

For Vedant Fashions, the final subscription figure of 2.57x reflected strong demand from QIBs, while retail participation remained below 1x.

Day 3 live trend: subscription strengthened through the day

Live data points from Day 3 showed the subscription rising steadily through the session.

• 10:40 AM (Day 3): Total 0.21x; QIB 0.11x, NII 0.09x, RII 0.33x
• 11:40 AM (Day 3): Total 0.41x; QIB 0.76x, NII 0.10x, RII 0.33x
• 12:40 PM (Day 3): Total 0.48x; QIB 1.00x, NII 0.10x, RII 0.34x
• 1:40 PM (Day 3): Total 1.25x; QIB 3.64x, NII 0.13x, RII 0.35x

By the end of bidding, the overall book closed at 2.57x, driven by institutional demand.

Final subscription at close: QIB led, retail lagged

At 5 PM on the final day, category-wise subscription stood at:

• QIB: 7.49 times
• NII: 1.07 times
• Retail (RII): 0.39 times
• Total: 2.57 times

Multiple reports also described the overall demand as about 2.6 times, consistent with the 2.57x close.

Share allocation and investor quota breakdown

The article data also outlined how shares were allocated across categories and anchor participation.

• 1,81,82,418 shares (50.00%) allocated to QIB
• 72,72,968 shares (20.00%) allocated to QIB (Ex-Anchor)
• 54,54,726 shares (15.00%) allocated to NII
• 1,27,27,694 shares (35.00%) allocated to RII
• 1,09,09,450 shares (30.00%) allocated to Anchor investors

Separately, the investor portion split was also stated as QIB 50%, NII 15%, and Retail 35%.

Subscription table: shares offered and demand across days

The IPO’s day-wise subscription progression (figures shown as “times”) was presented as follows:

Subscription figures shown “in number of times, at 5 PM”.

Demand details: applications vs shares on offer

The issue had 2,54,55,388 shares open for bidding. One report stated that bids were received for 6,53,72,718 shares, supporting the final overall subscription of about 2.57 times.

The QIB category recorded the highest oversubscription at 7.49x. NII interest was modestly above full subscription at 1.07x, while retail remained well below 1x at 0.39x.

Key IPO facts at a glance

Allotment status: where investors can check

After the IPO closed on February 8, 2022, the share allotment status was reported as declared, with investors able to check it online through:

• The BSE website (bseindia.com), via the application status page.
• The registrar’s online portal: KFin Technologies Private Ltd (kcas.kfintech.com/ipostatus/).

The steps highlighted included selecting the IPO name, entering details such as application number and PAN, completing the captcha, and submitting to view the allotment status.

Market impact and why this IPO stood out

The most visible feature of the Vedant Fashions IPO book was the split between institutional and retail demand. QIB participation at 7.49x contrasted with retail subscription at 0.39x, while the overall book still closed above 2.5x because of the QIB share.

Another important datapoint was the intraday movement on Day 3, where total subscription moved from 0.21x at 10:40 AM to 1.25x by 1:40 PM, before closing at 2.57x by end of day. This progression showed how the final outcome depended heavily on late institutional bidding.

Conclusion

Vedant Fashions’ Rs 3,149.19 crore IPO closed at 2.57x subscription, led by QIB demand of 7.49x, while retail remained under-subscribed at 0.39x. With the IPO closing on 8 February 2022, the shares were expected to list on 16 February 2022, and investors could check allotment status via BSE or KFin Technologies portals.