TCNS Clothing raises over Rs 337 crore from the anchor investors ahead of IPO
The womenswear garment manufacturer TCNS Clothing raised over Rs 337 crore ($50.7 million) from anchor investors ahead of its Initial Public Offering (IPO) that began on July 18 and will close on July 20.
Ahead of its IPO, TCNS Clothing allotted 4.7 million equity shares to 18 anchor investors at Rs 716 per scrip. According to a regulatory filing, this allowed the business to raise Rs 337.54 crore. The anchor investors include Auburn Ltd, Goldman Sachs India Ltd, DB International Asia Ltd, ICICI Prudential Life Insurance Company Ltd, and UBS Principal Capital Asia Ltd. among others.
TCNS Clothing is expected to raise a further Rs 1,125 crore through the IPO and the IPO price band has been fixed at between Rs 714 and Rs 716 per share. The business was given the go-ahead for the IPO in May this year by the Securities and Exchange Board of India after filing its draft papers in February.
TCNS Clothing retails its garments under several labels including W, Aurelia, and Wishful. The business has over 400 exclusive brand outlets (EBOs) across India for its various brands as well as 1,305 large format store outlets and 1,361 multi-brand outlets. The business also has a presence in Sri Lanka, Nepal, and Mauritius.
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