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TBZ Shares Decline on First Day of Trading
May 9, 2012 2:35 AM
By Dilipp S Nag
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RAPAPORT... Equity shares of Tribhovandas Bhimji Zaveri Ltd. (TBZ) opened for their first day of trading on the Bombay Stock Exchange (BSE) and fell 4 percent from their issue price. The jewelry retailer’s shares opened at approximately $2.16 or INR 115 per share on Wednesday, down from its issue price of INR 120.
In the latest trading at 12:35 p.m. IST, the stock was at INR 111.50, with a volume of 688,592 shares on the BSE. Shares hit an intra-day high of 119.80 and an intra-day low of INR 110. India’s Sensex index was little changed at 16,535.42 at midday.
TBZ raised approximately $38 million (INR 2 billion) in April through its initial public offering (IPO) of 16.7 million equity shares, including the share allotment to anchor investors. The issue, which was subscribed to 1.15 times on the final day on April 26, managed to scrape through thanks to bids from institutional and non-institutional investors.
The company plans to use the IPO proceeds to set up new stores and for incremental working capital requirements, among others. TBZ currently operates 14 showrooms in 10 cities and plans to open an additional 43 retail chains by the end of its fiscal year 2015.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange rate conversions by Rapaport News.
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Tags:
Dilipp S Nag, India, ipo, Jewelry, Rapaport, retail, TBZ, Tribhovandas Bhimji Zaveri
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