TCNS wears dull debut clothes

There is a new listing on the bourses today morning. TCNS Clothing, a branded apparel maker for ethnic women wear, operating 3 brands - W, Aurelia and Wishful, had a very dull debut. As against the IPO price of Rs.716, it got listed on the BSE at Rs.715; it went up briefly to Rs.724.50 but has since then slipped to Rs.690 levels currently, much below the IPO price.

The 1,125-crore IPO was subscribed 5.25 times during July 18-20.

Promoter holding of Pasricha family at 43.68% shrunk to 32.42% post IPO. Shareholding of US based PE investor TA Associates (through entity Wagner) contracted to 29.39% from  40.66%. With acquisition price per share (via a secondary deal in Aug 2016 from another PE firm Matrix) of Rs. 373, the PE fund made a handsome 39% CAGR on its 2 year investment, while continuing to hold a sizeable chunk.