Home Fashion TCNS Clothing raises Rs 337 crore from anchor investors

TCNS Clothing raises Rs 337 crore from anchor investors

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Women’s apparel maker Company has raised over Rs 337 crore from the anchor investors, ahead of its initial share-sale.

TCNS Clothing raises Rs 337 crore from anchor investors
Women's apparel maker TCNS Clothing Company has raised over Rs 337 crore from the anchor investors, ahead of its initial share-sale

According to a PTI report: The firm sells its products under , and brands.

TCNS Clothing has allotted 47,14,210 equity shares to 18 anchor investors at Rs 716 per scrip, garnering Rs 337.54 crore, according to a regulatory filing.

Among the anchor investors are Goldman Sachs India Ltd, Auburn Ltd, Fidelity Securities Fund Fidelity Blue Chip Growth Fund, DB International Asia Ltd, ICICI Prudential Life Insurance Company Ltd and UBS Principal Capital Asia Ltd.

The price band for the initial public offer (IPO), which will close on July 20, has been fixed at Rs 714-716 per equity share.

TCNS Clothing is expected to raise nearly Rs 1,125 crore through the offer.

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 per the draft papers, a little over 1.57 crore shares are to be offloaded through the offer-for-sale (OFS) route. Among others, promoters — Onkar Singh Pasricha and Arvinder Singh Pasricha — will offload shares in the IPO.

Kotak Mahindra Capital Company Ltd and Citigroup Global Markets India Pvt Ltd are the book running lead managers for the offer.

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.