Receives bids for 2.26 crore shares
The initial public offer (IPO) of TCNS Clothing Co. received bids for 2.26 crore shares today, 19 July 2018, as against 1.09 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 2.06 times. The issue opened for subscription on 18 July 2018 and closes on 20 July 2018. The price band for the issue has been fixed at Rs 714 to Rs 716 per share.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 17 July 2018, finalised allocation of 47.14 lakh equity shares to anchor investors at Rs 716 per share.
TCNS Clothing Co. (TCNS) is India's leading women's branded apparel company in terms of the total number of exclusive brand outlets as of May 18 (Source: Technopak). The company designs, markets, and retails a wide portfolio of women's branded apparel across multiple brands and formats. Over the years, the company expanded its brand portfolio to three brands, namely "W", Aurelia and Wishful; each positioned to cater to well-defined needs of their respective target consumers. The company sells its products through exclusive brand outlets, large format stores, multi-brand outlets and online channels such as online retailers and own websites.
The IPO comprises offer for sale of 1.57 crore shares by the selling shareholders comprising of promoters and group including Onkar Singh Pasricha, Saranpreet Pasricha, Angad Pasricha and Arvinder Singh Pasricha, other selling shareholders including Anant KumarDaga, Vijay Kumar Misra and Amit Chand and the investor shareholder namely Wagner Ltd.
The objects of the IPO are divestment and getting the benefits of listing to enhance its visibility and brand image and provide liquidity to the existing shareholders. The promoters and group will own 32.4% of total paid-up equity share capital post listing.
TCNS Clothing Co. reported profit after tax (PAT) of Rs 98.10 crore on net sales of Rs 838.49 crore in the year ended March 2018.
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