TBZ sets IPO price band at Rs 120-126

Jewellery retailer Tribhovandas Bhimji Zaveri (TMZ) has fixed the price band for its Rs 210-crore initial public offering (IPO) at Rs 120-126 a share. The public issue of 16.6 million equity shares with a face value of Rs 10 each will open on April 24 and close on April 26.

At the lower end of the price band, it will raise Rs 200 crore, while on the upper band it will mop up Rs 210 crore.

According to the red herring prospectus, the proceeds would be used to finance new showrooms and to meet incremental working capital requirements. TBZ plans to open nine new large-format high street showrooms in FY13. It already has 14 showrooms in 10 cities across five states.

IDFC Capital and Avendus are book running lead managers for the issue. The company manufactures and retails gold, diamond and platinum jewellery.