The issue will be entirely comprised of an offer for sale (OFS), through which the company's existing shareholders will divest 25.63 percent stake. It will open on July 18 and close on July 20
Women's apparel maker TCNS Clothing Company on Wednesday said it will raise around Rs 1,125 crore through an initial public offering at Rs Rs 714-716 per share.
The issue will be entirely comprised of an offer for sale (OFS), through which the company's existing shareholders will divest 25.63 percent stake, or around 15.7 million shares.
The issue will open on July 18 and close on July 20. The shareholders selling stake include promoters Onkar Singh Pasricha and Arvinder Singh Pasricha.
Of the total, around 4.7 million shares will be allocated to anchor investors.
Bids can be made for minimum 20 equity shares and in multiple of 20 shares thereafter.
TCNS Clothing sells women's wear under the brand name W, Aurelia and Wishful. It has over 400 exclusive brand outlets, over 1,300 large format stores, and over 1,300 multi-brand outlets in India and overseas.
It also manufactures and exports apparel for men and children.
The company had filed draft papers for the IPO with the Securities and Exchange Board of India in February 2018, and obtained its "observations" on May 4.
According to the draft red herring prospectus, TCNS Clothing's standalone revenue stood at Rs 590 crore in 2016-2017, while profit was Rs 62 crore, more than twice the number in 2015-2016.Kotak Mahindra Capital Company and Citigroup Global Markets India are the book running lead managers to the offer, while Karvy Computershare is the registrar.