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TCNS Clothing IPO subscribed 5.25 times on final day

The Rs 1,125-crore public offer received bids for 5,77,07,520 shares against the total issue size of 1,09,99,828 shares, data available with the NSE till 19:15 hrs showed.


TCNS Clothing IPO subscribed 5.25 times on final day
TCNS Clothing Company, which sells its products under W, Aurelia and Wishful brands, on Tuesday raised over Rs 337 crore from anchor investors. (Image Credit: Twitter)

Women's apparel maker TCNS Clothing's initial public offer (IPO) was subscribed 5.25 times on the last day of bidding today.

The Rs 1,125-crore public offer received bids for 5,77,07,520 shares against the total issue size of 1,09,99,828 shares, data available with the NSE till 19:15 hrs showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 13.47 times, non institutional investors 5 times and retail investors 62 per cent, merchant banking sources said.

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

Price band for the offer, which opened on Wednesday, has been set at Rs 714-716 per share.

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

Kotak Mahindra Capital and Citigroup Global Markets India are 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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