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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).
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