TBZ public offer subscribed 1.15 times

The Initial Public Offer (IPO) of jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) has been subscribed 1.15 times, excluding anchor investors, according to provisional data available with the National Stock Exchange. The qualified institutional buyers portion of the Rs 200-crore IPO was subscribed 1.29 times, while that of high net worth individuals was subscribed 1.91 times. Only the retail portion was not fully subscribed at 0.68 per cent. The majority of bids came in at the lower end of the price band of Rs 120-126 per share. Anchor investors like HSBC Global Investment Funds, HSBC India Alpha (Mauritius) and Credit Suisse subscribed for Rs 30 crore worth of shares. The jewellery retailer has plans to use the IPO proceeds to fund expansion plans.