Issue Period: Apr 24 - Apr 26
Price Band (Rs): 120-126
Issue Size (Rs Cr): 200-210
Mcap (Rs Cr): 800-840
Grading: CRISIL Grade 3
Promoter: Shrikant Zaveri
Listing: NSE, BSE
Grey Market: Rs 3-4
BRLM: IDFC Capital, Avendus Capital
Anchor Invetsors (At Rs 120/s): HSBC Global Investment Funds, Credit Suisse (Singapore) ltd, HSBC India Alpha (Mauritius) ltd
TBZ is a gold and diamond studded jewellery retailer with 14 showrooms (totaling ~49,000 sq ft) in 10 cities across five states. The company has a manufacturing unit for diamond-studded jewellery in Kandivli, Mumbai. It has an annual production capacity of approximately 100,000 cts. of diamond-studded jewellery, 4,000 kgs of gold refining and manufacturing 4,500 kgs of gold jewellery components.
The company plans to add 43 showrooms by fiscal 2015. Post expansion the total number of showrooms would be 57 in 43 cities across 14 states.
Shrikant Zaveri is the Chairman and Managing Director of the company, has an experience of over 30 years in the jewellery retail sector.
TBZ's market capitalization is Rs 800-840 Cr on a price band of Rs 120-126. It is asking for a valuation of 10-10.5 times FY12 estimated EPS of Rs 12 which is quite aggressive compared to other listed players in this space. We recommend investors to avoid this issue.
K.M.Global Finserv is an India based financial services firm. Company provides services in area of institutional equities, wealth management, corporate advisory including advisory services on mergers & acquisitions, restructuring, private placement of equity, debt and mezzanine instruments in domestic and international capital markets, trading in equity to high net worth individuals and Stock Broker services at BSE & NSE.
Research Analyst: Afshan Sayyad / +91 22 40023026
Head of Research: Aditya Damani / +91 22 22630125
KM Global Finserv Pvt. Ltd. 4th Floor, Surya Mahal, 5, Burjorji Bharucha Marg, Fort, Mumbai 400001
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