Tribhovandas Bhimji Zaveri IPO fully subscribed

Qualified institutional buyers and non-institutional investors helped the issue; their reserved portion subscribed 1.29 and 1.91 times. Retail investors' portion subscribed 68%.

Majority of total bids came in at lower end of price band of 120-126 per share.

Even anchor book got subscribed at lower band. Anchor investors like HSBC Global Investment Funds, HSBC India Alpha (Mauritius) and Credit Suisse subscribed for Rs 30 crore worth of shares.

TBZ will issue 1.66 crore equity shares via this IPO and aims to raise Rs 200 crore at the lower end of price band while Rs 210 crore at the upper band.

The company intends to use the IPO proceeds to fund expansion plans and meet working capital needs.

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).

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