Equity shares of Jewellery retailer Tribhovandas Bhimji Zaveri are listed and admitted to dealings on the Bombay Stock Exchange in the list of 'T' Group Securities on Wednesday, May 9, 2012. The company has fixed issue price at lower end of price band of Rs 120-126 a share.
The Rs 200-crore IPO, which opened for subscription during April 24-26, was subscribed 1.15 times. Qualified institutional buyers and non-institutional investors helped the issue; their reserved portion subscribed 1.29 and 1.91 times. Retail investors' portion subscribed 68%.
Tribhovandas Bhimji Zaveri is currently trading at Rs 111.05, down by 8.95 points or 7.46%, from its fixed issue price of Rs 120.00 on the BSE.
The scrip opened at Rs 115.00 and has touched a high and low of Rs 119.80 and Rs 110.00 respectively. So far 240938 shares were traded on the counter.
The promoters holding in the company stood at 74.17% while FIIs and DIIs held 11.85% and 3.17% respectively. Others held 10.81% stake in the company.
The jewellery retailer, who currently operates through 14 showrooms, plans to finance the establishment of new showrooms and meet incremental working capital requirements. It has decided to utilize the entire net proceeds during the fiscal year 2012-13.
Tribhovandas Bhimji Zaveri, a well known jewellery retailer in India, is primarily engaged in selling gold and diamond-studded jewellery. Additionally, the other product range includes platinum jewellery, jadau jewellery and silverware. The flagship showroom in Zaveri Bazaar, Mumbai was established in 1864 however, the jeweller has witnessed growth since 2001 with opening of 13 showrooms. It owns a diamond-studded jewellery manufacturing facility at Kandivali, Mumbai and is building an additional facility with a carpet area of approximately 17,739 sq. ft.
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