Manyavar Owner Vedant Fashions Jumps 14.6% On Debut

Shares of Vedant Fashions Ltd. gained on market debut even as the Manyavar brand owner's initial share sale received lukewarm demand.

The stock listed at Rs 935 apiece, a 7.9% premium to its IPO price of Rs 866, according to Bloomberg data. It then gained as much as 14.6% to Rs 975, before ending the day 7.8% higher.

The Rs 3,150-crore IPO, the third so far this year, was subscribed 2.57 times on its final day, led by demand from institutional investors. The portion reserved for retail investors remained under-subscribed.

It had set a price band of Rs 824-866 apiece, seeking a market capitalisation of Rs 21,017 crore at the upper end.