TCNS Clothing opened flat at around issue price of Rs 716 and then slipped in to red with a percent loss.
Women's apparel maker TCNS Clothing started off the first session on a tepid note, opening flat at around issue price of Rs 716 and then slipped in to red with a percent loss on Monday.
The stock price also settled flat at Rs 716 in the pre-opening trade.
At 10:04 hours IST, it was trading at Rs 706.65 on the NSE and Rs 706.85 on the BSE, falling around a 1.3 percent each.
The stock price corrected more as the day progressed. It shed 5.6 percent to Rs 676 on the NSE and 4.3 percent to Rs 685 on the BSE at 10:12 hours IST.
The 1,125-crore initial public offer was subscribed 5.25 times during July 18-20.
The IPO of 1,57,14,038 equity shares comprised an offer for sale by Onkar Singh Pasricha, Arvinder Singh Pasricha (promoters), Anant Kumar Daga, Saranpreet Pasricha, Angad Pasricha, Vijay Kumar Misra and Amit Chand (other selling shareholders) and Wagner (investor).
TCNS Clothing sells its products under three brands W, Aurelia and Wishful brands.As of March 31, 2018, TCNS sold products through 465 exclusive brand outlets, 1,469 large format store outlets and 1,522 multi-brand outlets, located in 31 states and union territories in India. It also sold products through six exclusive brand outlets in Nepal, Mauritius and Sri Lanka. In addition, it sold products through its own website and online retailers.