Mumbai: Vaibhav Jewellers on Friday mentioned it has mounted the worth band at Rs 204-215 per fairness share for its preliminary public providing (IPO) to boost about Rs 270 crore from the capital markets. The IPO will open for subscription on September 22 and shut on September 26, the corporate mentioned in a press release.
The funds raised shall be utilised for opening 8 new showrooms, stock for these new shops and common company functions.
Vaibhav Jewellers, a regional jewelry model in South India, has its presence within the micro markets of Andhra Pradesh and Telangana with 13 showrooms throughout eight cities and two cities. In FY23, it had a market share of 4 per cent of the general jewelry market in Andhra Pradesh and Telangana and 10 per cent of the organised market in these two states.
The general public difficulty of face worth of Rs 10 every includes recent issuance of shares value as much as Rs 210 crore and an Provide for Sale (OFS) of as much as 2.8 million fairness shares.
For the three months ended June 30, revenue from operations of the corporate stood at Rs 508.90 crore and web revenue was Rs 19.24 crore.
In FY23 its income from operations was Rs 2,027.34 crore, majorly from the sale of gold jewelry.
Bajaj Capital and Elara Capital (India) are the book-running lead managers and Bigshare Companies is the Registrar to the supply.
The fairness shares are proposed to be listed on BSE and NSE.
