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IPO

Vaibhav Jewellers files draft papers for IPO

Economic Times  

Vaibhav Gems N' Jewellers Ltd, a regional jeweller brand in South India, has filed preliminary papers with the 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 INR 210 crore and an Offer-for-Sale (OFS) of 43 lakh equity shares by promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF). The proceeds of the fresh issue will be used to finance setting up eight new showrooms costing INR 12 crore and the purchase of inventory worth INR 160 crore over FY23 and FY24. Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book running lead managers to the offer. Visakhapatnam-headquartered Vaibhav Jewellers sells gold, diamonds, gems, platinum and silver jewellery or articles. Its sub-brand Visesha caters to a premium segment of gold and diamond jewellery.