TCNS Clothing gets SEBI approval for IPO

TCNS Clothing Company owner of women’s apparel brands like W, Aurelia and Wishful has got the nod from Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO).
 
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TCNS Clothing had filed draft papers for an IPO in February this year, wherein existing shareholders including its promoters Onkar Singh Pasricha and Arvinder Singh Pasricha had offered to sell more than 1.57 crore shares. The IPO will be managed by Kotak Investment Banking and Citi Bank.
 
The firm obtained its "observations" on May 4, according to the latest update with the Securities and Exchange Board of India. SEBI's observations are necessary for every company planning to launch a public issue like initial public offer (IPO).
 
"Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders," the draft papers noted.
 
Currently, TCNS has 418 exclusive brand outlets, 1,305 large format store outlets and 1,361 multi-brand outlets across the country. It also has six exclusive brand outlets in Nepal, Mauritius and Sri Lanka.
 
The company was founded in 2001 by brothers Onkar and Arvinder Pasricha. US-based private equity firm TA Associates had invested $140 million in TCNS Clothing in August 2016.

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