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Business News/ Market / Stock-market-news/  TCNS IPO on 18 July, firm targets₹1,125 crore
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TCNS IPO on 18 July, firm targets₹1,125 crore

TCNS promoters, along with private equity investor TA Associates, are selling 15.71 million shares or 25.63% stake through the IPO

TCNS IPO closes on 20 July. Photo: iStockPremium
TCNS IPO closes on 20 July. Photo: iStock

Mumbai: TCNS Clothing Co. Ltd, the owner of women’s apparel brands W, Aurelia and Wishful, on Wednesday said it will launch its 1,125 crore initial public offering on 18 July.

The company has priced its shares in range of 714-716. The public offer closes on 20 July.

The IPO is a pure offer for sale by the existing shareholders and TCNS does not intend to raise any fresh capital.

Promoters of the company, along with private equity investor TA Associates, are selling 15.71 million shares or 25.63% stake through the IPO.

TA Associates is selling 11.27% stake that will fetch 495 crore at the upper end of the price band. TA Associates holds 40.6% in TCNS Clothing.

US-based private equity firm TA Associates invested $140 million in TCNS Clothing in August 2016. As part of its investment, TA acquired the stake of venture capital firm Matrix Partners, which had invested about 100 crore in TCNS Clothing since 2011.

According to the company’s prospectus, as of 31 March, TCNS sold its products through 465 exclusive brand outlets, 1,469 large format store outlets and 1,522 multi-brand outlets, located in 31 states and Union territories in India. The company also sells its products in Nepal, Mauritius and Sri Lanka.

For the financial year 2017-18, TCNS reported a revenue of 849.1 crore, up from 712.9 crore in the previous year. In 2017-18, the company reported a profit of 98 crore, up from a profit of 15.7 crore in the previous year.

Investment banks Kotak Mahindra Capital Co. Ltd and Citigroup Global Markets India Pvt. Ltd are managing the TCNS IPO.

So far this year, 18 companies have raised 23,451.69 crore through the IPO route, according to data from primary market tracker Prime Database

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Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Updated: 11 Jul 2018, 11:51 PM IST
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