Customers browse clothing at a mall in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)  

TCNS Clothing Raises Rs 338 Crore From Anchor Investors Ahead Of IPO

TCNS Clothing Ltd. raised Rs 338 crore from 33 anchor investors ahead of its initial public offer that opens tomorrow.

The fashion retailer allotted 47.14 lakh equity shares to anchor investors at Rs 716 apiece, according to a regulatory filing. The foreign investors who were offered shares included Fidelity Securities Fund, Goldman Sachs, UBS Principal Capital Asia Ltd., Societe Generale. Aditya Birla Sun Life Mutual Fund, ICICI Prudential Life Insurance, Edelweiss Mutual Fund and Axis Mutual Fund were among the domestic investors.

Before an IPO opens, shares are allotted to anchor investors, which are usually large foreign and domestic firms, to reflect backing of the offer by institutional investors.

Also read: TCNS Clothing IPO: Here’s All You Need To Know

The clothing manufacturer which markets its products under brands such as ‘W’, ‘Aurelia’ and ‘Wishful’, is looking to raise about Rs 1,125 crore by selling 1.6 crore equity shares at Rs 714-716 apiece. The company operates through 465 exclusive brand outlets, 1,469 large-format stores and 1,522 multi-brand outlets located across 31 states and union territories.

After the share sale, the promoter holding in TCNS Clothing will fall to 32.4 percent from 43.7 percent earlier.