Subscribe To Our Free Newsletter |
Vaibhav Jewellers files draft papers with Sebi to mop-up funds via IPO
Vaibhav Gems N' Jewellers Ltd, a leading regional jeweller brand in South India, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The public issue comprises fresh issue of equity shares aggregating up to Rs 210 crore and an Offer-for-Sale (OFS) of 43 lakh equity shares by promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF), according to the draft red herring prospectus (DRHP).
Also, the company may consider a further issue of equity shares aggregating up to Rs 40 crore. If such a placement is completed, the fresh issue size will be reduced.
Proceeds of the fresh issue will be utilized to finance the establishment of eight new showrooms costing Rs 12 crore and the purchase of inventory worth Rs 160 crore over FY23 and FY24, besides general corporate purposes.
Visakhapatnam-headquartered Vaibhav Jewellers offers a wide range of products in gold, diamonds, gems, platinum and silver jewellery or articles. I