Shares of TCNS Clothing Ltd, the newly listed women apparel maker on Indian stock markets after successfully winding up the IPO, crashed more than 8% from the issue price in the debut trade on Monday steering the company to lose over Rs 350 crore in market capitalisation. TCNS Clothing share price opened little changed at Rs 715, down 0.14% from the issue price of Rs 716 on BSE today while the stock started flat at Rs 716 on NSE.
TCNS Clothing shares fell 12.49% to day’s low of Rs 626.60 on BSE in the early morning deals on Monday following the tepid stock market debut before closing down 8.13% at Rs 657.8. TCNS Clothing shares on NSE slumped 12.35% to a day’s bottom of Rs 627.55 before settling down 7.12% at Rs 665. TCNS Clothing shares also touched a day’s high at Rs 725 on NSE and at Rs 724.5 on BSE.
On the basis of today’s closing price, TCNS Clothing lost Rs 357 crore in the market capitalisation on the very first day of stock market trading. On the trading counters, TCNS Clothing shares were among the top 25 most traded stocks on National Stock Exchange with a volume of 1.14 crore equity shares. However, TCNS Clothing registered a turnover of Rs 775.41 crore (fifth-highest on National Stock Exchange).
Earlier this month, TCNS Clothing successfully managed to raise Rs 1,125 crore from its IPO (initial public offering) with institutional buyers placing the maximum bids. During the three-day bidding process from 18 to 20 July 2018, TCNS Clothing IPO was subscribed 5.25 times with the portion reserved for QIBs (Qualified Institutional Buyers) being subscribed 13.47 times. TCNS Clothing is one of the known women apparel manufacturer under three of its brands namely, W, Aurelia and Wishful.