The initial public offer (IPO) of organized jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) closed on Friday, 26 April 2012. The IPO got bids for 1.62 crore shares and was subscribed 1.15 times.

Category-wise, the qualified institutional buyers (QIB) portion was subscribed 1.29 times, the non-institutional investors category was subscribed 1.91 times and retail individual investors was subscribed 0.68 times.

On Monday, 23 April 2012, a day before the opening of the IPO, TBZ had raised Rs 30 crore by allotting 24.99 lakh shares at lower end of price band of Rs 120 to Rs 126 per share to anchor investors -- HSBC Global Investment Funds, HSBC India Alpha (Mauritius) and Credit Suisse (Singapore).

TBZ plans to use the IPO proceeds to finance establishment of new showrooms and to finance working capital requirements.

With a track record of 145 years, TBZ is a well-known and trusted jewellery retailer in India. The company mainly sells gold and diamond-studded jewellery along with other products like platinum and Jadau jewellery across its showrooms. The company retails its jewellery through 14 showrooms in 10 cities. Of the 14 show rooms, 11 are large format high street show rooms and the remaining three are small format high street showrooms.

Currently, the company has six showrooms in Maharashtra, three in Andhra Pradesh, three in Gujarat, and one each in Kerala and Madhya Pradesh. Twelve out of 14 show rooms are under lease. Gold jewellery is the major contributor to the company's revenue.