Tribhovandas Bhimji Zaveri trades at discount in pre-opening bid

Tribhovandas Bhimji Zaveri is trading 4% lower at Rs 115 in the pre-open bids against its issue price of Rs 120 per share on the Bombay Stock Exchange.

The company engaged in jewellery retail business raised Rs 200-crore through initial public offer (IPO), and fixed the issue price at lower end of price band of Rs 120-126 a share.

The company intends to use the IPO proceeds to fund expansion plans and meet working capital needs.

Qualified institutional buyers and non-institutional investors helped the issue; their reserved portion subscribed 1.29 and 1.91 times. Retail investors' portion subscribed 0.68 times.