Vaibhav Jewellers Submits Draft Papers For IPO
On an aggregate basis, the company would invest Rs 12 crore in capital expenditure for the eight retail shops and Rs 160 crore in inventory
Manoj Vaibhav Gems ‘N’ Jewellers Ltd, popularly known as Vaibhav Jewellers, has submitted drafting documents to the Securities and Exchange Board of India (SEBI), in order to generate money through a public listing.
In the initial public offering (IPO), the company’s current promoter Grandhi Bharata Mallika Ratna Kumari would issue 210 crore rupees worth of new shares and make an offer to sell up to 4.30 million of those shares (HUF). Currently, Grandhi Bharata Mallika Ratna Kumari (HUF) owns 75.10 percent of the business.
Elara Capital and Bajaj Capital are the issue’s primary managers. The revenues of the offering will be utilised to fund the establishment of eight showrooms. On an aggregate basis, the company would invest Rs 12 crore in capital expenditure for the eight retail shops and Rs 160 crore in inventory.
Vaibhav Jewellers is a South Indian ethnic jewellery company. The firm has a 5 percent market share of the entire Andhra Pradesh and Telangana jewellery industry and a 14 percent market share of the organised market in these two states in FY2021. It plans to build retail showrooms in Andhra Pradesh and Telangana’s Tier 2 and Tier 3 cities in FY23 and FY24.
