Tribhovandas Zaveri IPO over subscribed 1.14 times

Jewellery retailer Tribhovandas Bhimji Zaveri's (TBZ) Rs 210-crore initial public offer was over subscribed 1.14 times.

The category reserved for qualified institutional buyers (QIBs) was subscribed 1.29 times, while non institutional investors portion were subscribed 1.91 times and retail individual investors attracted 0.68 times subscription.

The IPO, which opened for subscription on April 24, closed on Thursday. It attracted bids for over 1.62 crore shares against 1.41 crore shares on offer till 6 pm.

The company has fixed the price band at Rs 120-126 per share for its IPO.

The issue size is 1.66 crore equity shares of Rs 10 each (including anchor portion of 24.99 lakh equity shares).

TBZ plans to open nine new large format high street showrooms in eight cities during 2012-13. It already has 14 showrooms in 10 cities across five states.

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.

The company manufactures and retails gold, diamond and platinum jewellery.