TCNS Clothing files draft papers for IPO
TCNS Clothing plans will offload over 1.57 crore shares through the offer for sale route, according to its IPO papers filed with Sebi
New Delhi: Women’s branded apparel maker TCNS Clothing has filed draft papers for an initial public offer, wherein existing shareholders plans to sell more than 1.57 crore shares.
The company sells its products under the brands ‘W’, ‘Aurelia’ and ‘Wishful’. Little over 1.57 crore shares are to be offloaded through the offer-for-sale (OFS) route, according to the draft red herring prospectus (DRHP) filed with market regulator Sebi.
Out of the total, 47.14 lakh shares would be allocated to anchor investors.
Among others, promoters—Onkar Singh Pasricha and Arvinder Singh Pasricha—would offload shares in the TCNC Clothing IPO.
“Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders,” it said.
Kotak Investment Banking and Citi are the book running lead managers for the offer.
As on 30 September 2017, TCNS sold its products through 418 exclusive brand outlets, 1,305 large format store outlets and 1,361 multi-brand outlets in different parts of the country. t also sold products through six exclusive brand outlets in Nepal, Mauritius and Sri Lanka.
In recent months, many companies have filed papers with Sebi for initial share sale.
- Biocon receives EIR from USFDA for its Bengaluru facility producing sterile
- Infosys to now focus on relentless execution, stability concerns addressed: Nandan Nilekani
- McDonald’s adopts eco-friendly cutlery in West and South India
- US investors seek Chanda Kochhar’s ouster from ICICI Bank
- LIC seeks govt nod to buy controlling stake in IDBI Bank