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Home » News » IPO » IPO - Issues Open

Apr 24, 2012, 10.02 AM | Source: Moneycontrol.com

TBZ's Rs 210-cr IPO opens on Akshaya Tritiya day

The Rs 210-crore IPO of Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) has opened for subscription today - Akshaya Tritiya day. The price band is fixed at Rs 120-126 per share.

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TBZs Rs 210-cr IPO opens on Akshaya Tritiya day

The Rs 210-crore IPO of Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) has opened for subscription today - Akshaya Tritiya day. The price band is fixed at Rs 120-126 per share.

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The Rs 210-crore IPO of Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) has opened for subscription today - Akshaya Tritiya day. The price band is fixed at Rs 120-126 per share.

The IPO of about 1.66 crore equity shares with a face value of Rs 10 each will close on April 26. The company aims to raise Rs 200 crore at the lower end of price band while Rs 210 crore at the upper band.

TBZ Group Head Retail Business Divyesh Shah said the company intends to use the IPO proceeds to fund expansion plans and meet working capital needs.

"We are planning to utilise the fund raise to expand our retail presence. We will add another 43 new retail stores to take the total to 57 by FY15 mostly through lease agreement in 18 cities. Of this 25 will be in large store format while the rest 18 will be small stores," he said.

TBZ has 14 retail stores in 10 cities, of which three are owned by the company and the rest are through lease agreement, Shah added. He said TBZ is looking at expansion in metro, non-metro and large cities. A large amount of funds raised from the capital markets will be used for building up inventory, he added.

TBZ's inventory ratio is 65:35 gold and diamond worth Rs 500 crore. "We completely outsource our gold jewellery from 150 vendors from across the country," Shah said.

Rating agency CRISIL has assigned grade 3 to the IPO, which indicates average fundamentals.

IDFC Capital Limited and Avendus Capital Private Limited are book running lead managers for the issue.

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TBZs Rs 210-cr IPO opens on Akshaya Tritiya day

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