TCNS Clothing IPO subscribed 10% on Day 1; QIB quota subscribed 29%
The issue received bids for 10,75,300 shares compared with the issue size of 1,09,99,828 shares.
By ETMarkets.com | Updated:
NEW DELHI: The initial public offering (IPO) by TCNS Clothing got 10 per cent subscription on Day 1 of the bidding process, data available with NSE showed.
The issue received bids for 10,75,300 shares compared with the issue size of 1,09,99,828 shares till 5 pm. The quota for qualified institutional buyers (QIBs) was subscribed 29 per cent while that of retail investors by 2 per cent.
The IPO is offered in Rs 714-716 price band. At the higher end of the price band of Rs 716, the issue is priced at P/E of 44.8 times (post dilution) on FY18 basis compared with industry average of 51.9 times.
Valuations look a bit stretched, said Hem Securities. But given the portfolio of established brands, widespread distribution network and presence across a variety of retail channels, the brokerage has a 'Long term subscribe' rating on the issue.
This is an offer for sale (OFS) where promoters Onkar Singh Pasricha and Arvinder Singh Pasricha and other existing shareholders such as Anant Kumar Daga, Vijay Kumar Misra and Mit Chand will put their shares on the block.
Bids could be made for a minimum lot of 20 shares and in its multiples thereafter.
The issue received bids for 10,75,300 shares compared with the issue size of 1,09,99,828 shares till 5 pm. The quota for qualified institutional buyers (QIBs) was subscribed 29 per cent while that of retail investors by 2 per cent.
The IPO is offered in Rs 714-716 price band. At the higher end of the price band of Rs 716, the issue is priced at P/E of 44.8 times (post dilution) on FY18 basis compared with industry average of 51.9 times.
Valuations look a bit stretched, said Hem Securities. But given the portfolio of established brands, widespread distribution network and presence across a variety of retail channels, the brokerage has a 'Long term subscribe' rating on the issue.
This is an offer for sale (OFS) where promoters Onkar Singh Pasricha and Arvinder Singh Pasricha and other existing shareholders such as Anant Kumar Daga, Vijay Kumar Misra and Mit Chand will put their shares on the block.
Bids could be made for a minimum lot of 20 shares and in its multiples thereafter.
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