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May 09, 2012, 01.16 PM IST | Source: Moneycontrol.com

Tribhovandas Bhimji Zaveri lists at Rs 115, down 4%

Mumbai based jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) started of trade at Rs 115 (a price that decided in pre-opening session) on both exchanges, down more than 4% from its issue price of Rs 120 a share.

Mumbai based jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) started of trade at Rs 115 (a price that decided in pre-opening session) on both exchanges, down more than 4% from its issue price of Rs 120 a share. High valuations and weak market conditions hammered the stock on Day 1.

On the BSE, the stock touched a high of Rs 119.80 and low of Rs 110 in early trade; which was trading at Rs 112, down 6.67% from issue price.

TBZ raised Rs 200 crore via public issue, out of which Rs 30 crore contributed by anchor investors namely HSBC Global Investments, Credit Suisse (Singapore) and HSBC India Alpha (Mauritius) Ltd. The issue was opened for subscription during April 24-26, 2012.

Jewellery retailer plans to open an additional 44 showrooms (26 large format high street showrooms and 18 small format high street showrooms) by the end of fiscal 2014, which will be financed by IPO money (with an outlay of Rs 18.17 crore). The company will also use issue proceeds for working capital (of Rs 156.5 crore).

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