Business Today

TCNS Clothing makes weak market debut, falls over 6% on BSE, NSE

It hit an intra day low of 672.90 on the BSE. At 10:17 am, the stock was trading over 4% lower at 684.50 on the NSE and fell 4.61% or 33 points to 683 level on BSE.

twitter-logo BusinessToday.In        Last Updated: July 30, 2018  | 10:37 IST
TCNS Clothing makes weak market debut, falls over 6% on BSE, NSE

Women's apparel maker TCNS Clothing made its debut on the bourses at loss to its issue price today. The TCNS stock listed on the BSE at Rs 715, marginally lower than the higher end of its issue price of 716.  Later, the stock fell over 5% or 39 points to 676 level.

The market capitalisation of the stock stood at Rs 4150.01 crore on BSE.

It hit an intra day low of 672.90 on the BSE.

At 10:17 am, the stock was trading over 4% lower at 684.50 on the NSE and fell 4.61% or 33 points to 683 level on BSE.  The stock fell to intra-day lows of 672.90 and 672.20 on BSE.

The Rs 1,125-crore IPO with a price band of Rs 714-716 per share opened on July 18 and closed on July 20, 2018.

The IPO is of 1,57,14,038 shares, including anchor portion of 47,14,210 shares.

The IPO was subscribed 5.25 times on the last day of bidding.

The offer received bids for 5,77,07,520 shares against the total issue size of 1,09,99,828 shares.

The category reserved for qualified institutional buyers (QIBs) was subscribed 13.47 times, non-institutional investors five times and retail investors 62 per cent, merchant banking sources said.

TCNS Clothing Company, which sells its products under W, Aurelia and Wishful brands, on July 17 raised over Rs 337 crore from anchor investors.

Kotak Mahindra Capital and Citigroup Global Markets India were managing the issue.

The firm had filed draft papers with the Securities and Exchange Board of India to float an IPO in February and received the regulator's go-ahead in May.

As on September 30, 2017, TCNS sold its products through 418 exclusive brand outlets, 1,305 large format store outlets and 1,361 multi-brand outlets in different parts of the country. It also sold products through six exclusive brand outlets in Nepal, Mauritius and Sri Lanka.

TCNS Clothing offers women's apparel platform. The firm designs, manufactures and sells ethnic wear, targeting women between the ages of 25 and 40.

The company offers products under various categories, such as top wear, bottom wear, winter wear, maternity wear, drapes and accessories. Its brands are present in approximately 1,600 points of sale across India, Mauritius, Sri Lanka and the Middle East, and in over 300 stores in approximately 100 cities. Its brands have presence across multi-brand retailers and online portals.

Written and edited by Aseem Thapliyal

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close