TCNS Clothing’s IPO oversubscribed

TCNS Clothing’s initial public offer (IPO) received bids for 5.79 crore shares as against 1.09 crore shares on offer. The issue opened for subscription on July 18, 2018 and closed on July 20. 2018. The price band for the issue was fixed at Rs 714 to Rs 716 per share. The qualified institutional buyers (QIBs) category was subscribed seven times. The non-institutional investors (NIIs) category and the retail individual investor’s category remained undersubscribed. The NIIs category was subscribed 0.09 times while the RIIs category was subscribed 0.07 times.

Ahead of the IPO the board of directors, finalised allocation of 47.14 lakh equity shares to anchor investors at Rs 716 per share. The IPO comprised offer for sale of 1.57 crore shares by the selling shareholders comprising of promoters and group.

TCNS Clothing Co is India's leading women's branded apparel company in terms of the total number of exclusive brand outlets. The company designs, markets, and retails a wide portfolio of women's branded apparel across multiple brands and formats. The products are sold through exclusive brand outlets, large format stores, multi-brand outlets and online channels such as online retailers and own websites.

The objects of the IPO was divestment and getting benefits of listing to enhance its visibility and brand image and provide liquidity to existing shareholders. The promoters and group will own 32.4 per cent of total paid-up equity share capital post listing.