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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.
Tags: Dilipp S Nag, India, ipo, Jewelry, Rapaport, retail, TBZ, Tribhovandas Bhimji Zaveri
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