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TCNS Clothing's initial public offering (IPO) achieved 5.2x final subscription thanks to strong demand from institutional investors. The institutional part of the offer was 13.5 times higher than the proposed actions. The Wealthy Investor portion was underwritten 5.1 times, but the retail category only saw 50% subscription.
TCNS & # 39; is a company that owns the famous women's clothing brand W. By the IPO, promoters dilute 25.6% of their holdings. The IPO values the company at Rs 44 billion.
"At Rs 716 per share, the P / E multiple is 44 times the earnings of the 20118 tax year (an exceptionally profitable year), which appears to be higher than the major listed players. as Arvind (available at 34x FY2018 PE.)
Therefore, for its limited financial history, its particular focus on ethnic women's clothing and demanding appraisals, we recommend "Neutral" on the issue, "said Angel Broking in a note.
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