Women’s apparel maker TCNS Clothing, which operates brands like W, Aurelia and Wishful, plans to raise up to Rs 1,125 crore through an initial public offering (IPO). The company has set a price band of Rs 714 to Rs 716 per share for its IPO. The IPO, which is a 100% offer for sale (OFS) of 1.57 crore existing shares, is scheduled to open on July 18 and close on July 20. Bids can be made for a minimum of 20 equity shares and multiples of 20 thereafter. The equity shares of TCNS Clothing are proposed to be listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
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 and Pasricha and Arvinder Singh Pasricha apart from Investor Sellor Shareholder who is Wagner Limited. 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. It has over 400 exclusive brand outlets, over 1,300 large format stores, and over 1,300 multi-brand outlets in India and overseas.
The W brand which is a fusion wear brand and grew at a CAGR of 23.3% during fiscals 2016 to 2018 and accounted for Rs 485 crore in FY18. 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 in FY18 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 in FY18.