TCNS Clothing tanks over 8% in debut trade

By: |
Mumbai | Published: July 31, 2018 1:40:14 AM

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.

TCNS Clothing tanks over 8% in debut trade (Representative Image: Reuters)

Shares of women’s apparel maker TCNS Clothing tumbled over 8% against its issue price of Rs 716 in its debut trade on Monday.

The stock debuted at Rs 715, 0.14 % below its issue price of Rs 716 on the Bombay Stock Exchange (BSE).

The shares closed 8.13% lower at Rs 657.8 on the BSE against the issue price. The company’s shares saw an intra-day high of `724.5 and a low of `626.6 on the BSE.

On NSE, the company’s shares settled at Rs 665, down 7.12% from the issue price.

The initial public offering (IPO) of TCNS Clothing was oversubscribed 5.41 times. The issue had received bids for 5.69 crore shares against the 1.09 crore shares offered. The qualified institutional buyers (QIBs) quota was subscribed 13.46 times, HNI 5.07 times and retail individual investors 0.47 times.

The company had set a price band of `714 to `716 per share for its IPO. 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, grew at a CAGR of 23.3% during fiscals 2016 to 2018 and accounted for `485 crore of total revenue.

While, revenue from sales of products under brand Aurelia grew at a CAGR of 47.80% during fiscals 2016 to 2018 and accounted for `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 `73 crore of revenue.

On Monday, the broader market recorded seventh consecutive gain, hitting new lifetime high with the benchmark S&P BSE Index ending the day 0.42 % higher, up by 157.55 points, at 37,494.40.

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