The initial public offer (IPO) of TCNS Clothing was subscribed 5.41 times on Friday, the final day of the offer, with investors bidding for 5.69 crore shares against the 1.09 crore shares offered to them. Qualified institutional buyers bid 13.46 times the shares offered to them, high net-worth individuals 5.07 times and retail investors bid 0.47 times.
TCNS Clothing had set a price band of Rs 714 to Rs 716 per share for its initial public offering (IPO). Kotak Mahindra Capital Company and Citigroup Global Markets are the book running lead managers to the issue. The offer comprises an offer for sale by promoter selling shareholders — Onkar Singh Pasricha and Arvinder Singh Pasricha — apart from investor seller shareholder Wagner. Anant Kumar Daga, Saranpreet Pasricha, Angad Pasricha, Vijay Kumar Misra and Amit Chand are other selling shareholders. The offer shall constitute up to 25.63% of the post-offer paid-up equity share capital of the company.
TCNS Clothing sells women’s wear under the brand name W, Aurelia and Wishful. The W brand, which is a fusion wear brand and it grew at a CAGR of 23.3% during fiscals 2016 to 2018, accounted for Rs 485 crore. While revenue from sales of products under brand Aurelia grew at a CAGR of 47.80% during fiscals 2016 to 2018 and accounted for Rs 283.7 crore and Wishful , which is an occasion wear brand, grew at a CAGR of 39.7% during fiscals 2016 to 2018 and accounted for Rs 73 crore of revenue.