&w=3840&q=100)
Timex Group hits 5% lower circuit as OFS opens for non-retail investors
Timex Group, known for making watches, shares hit a 5 per cent lower circuit in trade on Wednesday, at ₹251 per share on BSE. At 9:30 AM, Timex Group share price was trading 5 per cent lower at ₹251 per share on the BSE. In comparison, the BSE Sensex was up 0.49 per cent at 82,460.71.
The company's market capitalisation stood at ₹2,533.85 crore. Its 52-week high was at ₹289.9 per share and 52-week low was at ₹117.9 per share.
What led to a slump in Timex Group stock?
The selling pressure on the counter came after the company's offer for sale (OFS) opened for non-retail investors today.
The promoter, Timex Group Luxury Watches B V, has proposed to sell 7,571,250 shares of face value of ₹1 each, representing 7.5 per cent of the total issue. The promoter has also offered to sell additional 7,571,250 shares (representing 7.5 per cent of the total issued) under "Oversubscription Option". The floor price for the offer is ₹175 per share.
The OFS will open for retail investors on Thursday, June 26, 2025.
"Timex Group Luxury Watches B V is the promoter of the company (the "Promoter" or "Seller"). The promoter proposes to sell up to 7,571,250 Equity Shares of face value of~ 1 each, representing 7.5 per cent of the total issued and paid-up Equity Share capital of the Company ("Base Offer Size"), on June 25, 2025 ("T Day") (for non-Retail Investors only) and on June 26, 2025 ("T+1 Day") (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids from T Day), with an option to additionally sell up to 7,571,250 Equity Shares (representing 7.5 per cent of the total issued and paid-up Equity Share capital of the Company) the "Oversubscription Option"," the filing read.
About Timex Group
Timex Group designs, manufactures, and markets innovative timepieces and jewelry globally. Timex, founded in 1854, has expanded to become Timex Group, a privately-held company, with several operating units and over 5,000 employees worldwide.
One of the largest watch makers in the world, Timex Group companies include the Timex Business Unit (Timex, Timex Ironman, Nautica, Marc Ecko and Helix); Timex Group Luxury Watches (Salvatore Ferragamo); Sequel (Guess, Gc) and Vertime (Versace).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
32 minutes ago
- News18
Closing Bell: Sensex Surges 700 Points Higher, Nifty Above 25,200; Infosys Up 2%
Last Updated: Sensex Today: The Indian stock market is trading higher on Wednesday, supported by easing geopolitical tensions Sensex Today: Indian equity markets extended their winning streak for a second consecutive session on Wednesday, buoyed by strong buying in media and technology stocks. Investor sentiment improved amid easing crude oil prices and the announcement of a ceasefire between Iran and Israel. The BSE Sensex climbed 700.4 points, or 0.85 per cent, to close at 82,755.51, while the Nifty50 advanced 200.40 points, or 0.8 per cent, to end the day at 25,244.75. In the broader market, the Nifty MidCap index rose 0.44 per cent, and the Nifty SmallCap index outperformed with a gain of 1.5 per cent. Sectorally, the Nifty IT and Nifty FMCG indices outperformed, gaining 1.22 per cent and 0.8 per cent, respectively. Global Cues In global markets, Asia-Pacific indices traded largely flat after a positive start. Investor sentiment improved following a potential ceasefire between Iran and Israel, which was brokered by US President Donald Trump. The truce raised hopes of reduced geopolitical risks. At last check, Japan's Nikkei was up 0.073 per cent, while the broader Topix slipped 0.1 per cent. Meanwhile, Australia's ASX 200 and South Korea's Kospi were trading with a slight negative bias. Investors in the region are also awaiting Australia's May inflation data. In the US, stock futures were mostly muted during early Asian hours. Futures on the S\&P 500 and Nasdaq 100 each declined 0.1 per cent, while Dow futures also edged down by 0.1 per cent. Federal Reserve Chair Jerome Powell, in his latest remarks, said the central bank is likely to maintain interest rates amid ongoing inflation concerns and uncertainty over the impact of proposed tariffs. Powell noted that the Fed is 'well positioned to wait" before making any changes to monetary policy, reinforcing expectations of a longer pause on rate moves. US equity markets ended higher overnight, riding on the back of easing geopolitical risks and dovish Fed commentary. The Dow Jones Industrial Average jumped 1.19 per cent to 43,089.02. The S&P 500 gained 1.11 per cent to close at 6,092.18, just 0.9 per cent shy of its 52-week high. The Nasdaq Composite rose 1.43 per cent to 19,912.53, while the Nasdaq 100 surged 1.53 per cent to a record closing level of 22,190.52. First Published:
Mint
37 minutes ago
- Mint
Indogulf Cropsciences IPO: Delhi-based agrotech firm raises ₹58.19 crore from anchor investors ahead of public issue
Indogulf Cropsciences IPO: Indogulf Cropsciences completed its anchor round on Wednesday, 25 June 2025. As per the exchange filing, the agrotech firm raised ₹ 58.19 crore from anchor investors ahead of the public issue. According to the BSE filing, Indogulf Cropsciences allotted a total of 52,43,242 or over 52.43 lakh equity shares to the anchor investors at an allocation price of ₹ 111 per share with a face value of ₹ 10 apiece. Abakkus Diversified Alpha Fund, Viney Growth Fund, Swyom India Alpha Fund, Sunrise Investment Trust, and Rajasthan Global Securities Pvt. Ltd, were the anchor investors who participated in the public issue. Abakkus Diversified Alpha Fund at 48.45 per cent and Viney Growth Fund at 25.77 per cent were the top anchor allotments of the Indogulf Cropsciences IPO, according to the BSE IPO data. 'The company has positioned itself as one of the first few indigenous manufacturers of Pyrazosulfuron Ethyl technical, with 97% purity in India. Its strong market position is further supported by the high entry barriers in the agrochemical sector, including costs and complex approvals,' said the analysts at Anand Rathi, assigning a 'Subscribe' rating to the public issue. As of Wednesday, 25 June 2025, the grey market premium (GMP) of the Indogulf Cropsciences IPO stood at ₹ 11 per share. With the upper price band of ₹ 111 per share, the stocks are expected to be listed in the Indian stock market at ₹ 122 apiece, a listing premium of 9.91 per cent, according to Investorgain data. Grey market premium (GMP) is an indicator of the investors' willingness to apply for a public issue. The GMP remained flat after the anchor round at its current levels. Indogulf Cropsciences is a book-built issue offering a fresh issue of ₹ 160 crore, and an offer-for-sale (OFS) component of 36,03,603 equity shares by the promoter selling stakeholder. The company fixed the price band for the IPO in the range of ₹ 105 to ₹ 111 per share, with a lot size of 135 equity shares per lot. The IPO will open for public subscription on Thursday, 26 June 2025, and is scheduled to close on Monday, 30 June 2025. The firm aims to use the net proceeds from the public issue to address working capital requirements, settle or pay off existing debts, finance capital expenditures for the company, or set up an in-house dry flowable (DF) facility in Haryana, along with general corporate activities. Systematix Corporate Services Limited is the book-running lead manager for the public issue, while Bigshare Services Pvt Ltd is the registrar for the offer. Read all stories by Anubhav Mukherjee
Time of India
an hour ago
- Time of India
‘Largest share sale through QIP': SBI plans Rs 25,000 crore Qualified Institutional Placement; appoints six banks for first share sale in 8 years
State Bank of India (SBI), the nation's most valuable public sector enterprise, is nearing the final stages of selecting several merchant banks to secure up to Rs 25,000 crore through a qualified institutional placement (QIP). Tired of too many ads? go ad free now This marks its first equity offering since 2017, as the bank, which holds 20% of India's total bank credit, seeks to strengthen its common equity tier 1 (CET-1) capital. As of March 2025, SBI's CET-1 stood at 11%. According to industry analysts, this figure ranked amongst the lowest for public sector banks. The board of the bank gave its approval for the QIP on May 3. Should the bank succeed in raising Rs 25,000 crore, it would establish a record for the largest QIP-based share sale in India. QIP serves as a more expedient option compared to rights issues or follow-on public offerings, as it facilitates bulk fund collection from major institutional investors. According to an ET report, the selected banks to oversee the capital raising include Kotak Mahindra Capital Co, ICICI Securities Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Morgan Stanley India Co Pvt Ltd and SBI Capital Markets Ltd. "The banks have agreed to charge just Rs 1 for this transaction, as it is a matter of league table win rather than fees. It is a prestige battle for banks to be on the mandate to raise money for the largest bank in India, which is a rare occasion," a source told the financial daily. A similar nominal fee structure was last observed during SBI's previous QIP in June 2017, when the bank raised Rs 15,000 crore by issuing 522 million shares. Tired of too many ads? go ad free now "This is a prestigious mandate, so bidding was aggressive. One of the merchant bank's quoted a Rs 1 fee and everyone else had to come to that level," said this person cited above. "The bank wants to augment its CET 1 ratio which is the lowest among public sector banks. Growth wise the bank is well placed with the RoE of 19% is much ahead of the 12% loan growth. But capital can now be raised to cushion the CET which is the plan," another source said, according to the report. State Bank of India plans to approach the market in the coming months. Similar to the previous Qualified Institutional Placement where Life Insurance Corporation subscribed to half the offering, the insurer is expected to acquire a significant portion of shares this time as well. As of March 31, LIC maintains a 9.38 percent ownership in the bank, positioning it as the second-largest shareholder after the central government's 57.43 percent stake. The bank will determine the final timing and quantum based on prevailing market conditions. SBI shares concluded at Rs 800 per share on the BSE, showing a 1% increase from Tuesday's closing price. During this financial year, SBI will receive funds from divesting its 13.19% holding in Yes Bank to Japanese financial institution Sumitomo Mitsui Banking Corporation (SMBC). Additionally, it owns 5.19% in National Stock Exchange, which is expected to generate substantial returns upon the exchange's eventual listing.
