Shares of jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) today made a weak debut on the bourses, listing at Rs 115 against the issue price of Rs 120 per share.
TBZ's shares listed at Rs 115, down 4.16% against the issue price on the BSE.
Similarly, on the NSE, the stock debuted at Rs 115.05 as compared to the issue price.
As the trade progressed, the scrip saw some more selling pressure and was trading at Rs 112.10 on the BSE at 1035 hours.
But the Chief Financial Officer, Prem Hinduja was undeterred by the share price. He said, "It is a great step, which only comes once in a lifetime for a company."
He further added, "that the share price doesn't concern us. It is the performance of the company that will determine the share price and not the other way around."
According to him, the BSE/NSE listing has been a "long but fruitful journey."
TBZ first thought of listing in 2007, when the company converted from partnership to a Private Limited company, he said. This is when all the advisors and board members mulled about the step and the thought process was started.
"However, the markets then were not condusive for listing," but as soon as they picked up last year, the company filed a Draft Red Herring Prospectus (DRHP) with SEBI with the help of its merchant banker IDFC Capital and Avndus Capital.
According to the DRHP, the store is slated to open nine large format stores in eight cities during 2012-13 as the issue proceeds across eight cities. As part of its strategy, the company plans to open nine showrooms -- one each in Aurangabad, Gandhidham, Hyderabad, Nagpur, Vadodara, Valsad, Visakhapatnam and two in Kolkata -- for which it intends to deploy Rs 19.19 crore in this fiscal.
Hinduja told Business Standard that the company is planning to open 43 more stores in the next three years, with 18 large format ie 3,000 sq ft stores each, and 25 small format stores, which would take the current number of stores to 57. TBZ already has 14 showrooms in 10 cities across five states.
(With inputs from PTI)
