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Tribhovandas Sets Price Band For IPO

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Jewellery retailer Tribhovandas Bhimji Zaveri Ltd set a price band of between 120 rupees and 126 rupees a share for its up to Rs 210 initial public offering.

Subscriptions to the 16.66-million-share issue will begin on April 24 and close on April 26, the company said in a newspaper advertisement on Wednesday.

A stock market rebound has boosted the outlook for share sales in India this year, with the recent offering from Multi Commodity Exchange receiving strong demand from investors.

IDFC Capital and Avendus are the lead bookrunners for Tribhovandas' share issue.

Tribhovandas has 14 showrooms across India, according to its website. It competes with jewellery retailers such as Gitanjali Gems, Titan Industries and Thangamayil Jewellery.