To raise money through IPO, Vaibhav Gems N’ Jewellers Ltd. has submitted a draught red herring prospectus (DRHP) to capital markets regulator Securities and Exchange Board of India (Sebi) (IPO).
The initial share sale would consist of an offer-for-sale (OFS) of Rs 43 lakh equity shares by promoter Grandhi Bharata Mallika Ratna Kumari and fresh equity shares totalling up to Rs 210 crore (HUF). The business might consider issuing more equity shares totalling up to Rs 40 crore.
According to the firm, in addition to general corporate reasons, the proceeds of the new issuance will be used to fund the construction of eight additional showrooms, which will cost $12 crore, and the procurement of inventory, which will cost $160 crore throughout FY23 and FY24. Vaibhav Jewellers, headquartered in Visakhapatnam, was founded in 1994 and sold various jewellery and other items made of gold, diamonds, jewels, platinum, and silver. Its sub-brand Visesha serves the high-end gold and diamond jewellery market. The offer’s book-running lead managers are Elara Capital (India) Pvt Ltd and Bajaj Capital Ltd Leading stock exchanges BSE and NSE will list the company’s equity shares.