In­dia: TCNS Cloth­ing raises Rs. 337 crore from an­gel in­vestors

Stitch World - - NEWS TRACK -

Awoman ap­parel man­u­fac­turer based in In­dia, TCNS Cloth­ing cel­e­brated its re­cent raise of Rs. 337 crore from its an­chor in­vestors.

The 18 in­vestors were al­lot­ted 47, 14,210 eq­uity shares at Rs. 716 per scrip, gath­er­ing a whop­ping amount of Rs. 337.54 crore. The ini­tial public of­fer ( IPO) has been set at Rs. 714716 per eq­uity share. It is ex­pected that the com­pany might fur­ther raise nearly Rs. 1,125 crore through this of­fer.

The list of the an­chor in­vestors in­clude cred­i­ble names such as DB In­ter­na­tional Asia Ltd., Gold­man Sachs In­dia Ltd., ICICI Pru­den­tial Life In­surance Com­pany Ltd., Auburn Ltd., Fidelity Se­cu­ri­ties Fund, Fidelity Blue Chip Growth Fund, and UBS Prin­ci­pal Cap­i­tal Asia Ltd.

It is worth not­ing here that TCNS cloth­ing had filed its draft doc­u­ments at the Se­cu­ri­ties and Ex­change Board of In­dia to pur­sue an IPO in Fe­bru­ary; it was only in May that they re­ceived the reg­u­la­tor’s go-ahead. Ac­cord­ing to the draft doc­u­ments, ap­prox­i­mately 1.57 crore shares are to be off­loaded through the of­fer­for-sale ( OFS) route.

TCNS re­tails its prod­ucts un­der sought-af­ter women eth­nicwear brands namely W, Aure­lia, and Wishful. Ac­cord­ing to the reg­is­tered sales, as on Septem­ber 30, 2017, TCNS sold its prod­ucts via 418 se­lect brand chan­nels, 1,305 large for­mat store set­ups, and 1,361 multi- brand out­lets in dif­fer­ent parts of the coun­try. In ad­di­tion, the firm has a global reach; it re­tails through six se­lect brand out­lets in Nepal, Mau­ri­tius, and Sri Lanka.

The list of the an­chor in­vestors in­clude cred­i­ble names such as DB In­ter­na­tional Asia Ltd., Gold­man Sachs In­dia Ltd., ICICI Pru­den­tial Life In­surance Com­pany Ltd., Auburn Ltd., and oth­ers.

TCNS re­tails its prod­ucts un­der sought-af­ter women eth­nicwear brands namely W, Aure­lia, and Wishful

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