W, Aurelia, Wishful brands fail to charm D-Street; TCNS Clothing tanks 6% on debut
TCNS Clothing recently concluded its initial public offer. The Rs 1,125-crore public offer was open during July 18-20 and was subscribed over 5 times.
Women's apparel maker TCNS Clothing made a flat debut on Dalal Street by listing 0.14 per cent below its issue price of Rs 716. The stock listed at Rs 715 on the BSE. The stock slipped as much as 6 per cent to Rs 672.90 on the BSE against its issue price.
The company recently concluded its initial public offer. The Rs 1,125-crore public offer was open during July 18-20 and was subscribed over 5 times. Price band for the offer was set at Rs 714-716 per share. The public offer was of 1,57,14,038 shares, including anchor portion of 47,14,210 shares.
TCNS Clothing Company sells its products under W, Aurelia and Wishful brands.
Kotak Mahindra Capital Company and Citigroup Global Markets India managed 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.
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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.
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