Tribhovandas Bhimji Zaveri plans Rs 210 cr IPO, sets price band at Rs 120-126

Tribhovandas Bhimji Zaveri (TBZ), one of India's leading jewellery retailers, has laid out plans for a Rs 210-crore initial public offering (IPO) and on Wednesday fixed the price band at Rs 120-126 per share.

The public issue of about 1.66 crore equity shares with a face value of Rs 10 each will open on April 24 and close on April 26.

At the lower end of the price band, the company will raise Rs 200 crore, while on the upper band it will mop-up Rs 210 crore.



As part of its strategy, the company plans to open nine showrooms, one each in Aurangabad, Gandhidham, Hyderabad, Nagpur, Vadodara, Valsad, Visakhapatnam and two in Kolkata, for which it intends to deploy Rs 19.19 crore in this financial year.

That apart, it requires additional working capital for financing the inventory in the new showrooms, for which it plans to deploy Rs 1,60.44 crore.

IDFC Capital and Avendus are book running lead managers for the issue.

A stock market rebound has boosted the outlook for share sales in India this year, with the recent offering from Multi Commodity Exchange receiving strong demand from investors.

Tribhovandas manufactures and retails gold, diamond and platinum jewellery.

With inputs from agencies