The initial public offer (IPO) of organized jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) got bids for 18.93 lakh shares and was subscribed 0.13 times by 16:00 IST on day two of the bidding for the IPO today, 25 April 2012. The IPO closes tomorrow, 26 April 2012.

On Monday, 23 April 2012, TBZ 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. Rating agency CRISIL has assigned grade '3/5' to the IPO. This grade indicates that the fundamentals of the IPO are average relative to other listed equity securities in India.

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