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Vaibhav Jewellers IPO set to open on Sept 22
The company has fixed price band at `204-215/share
Hyderabad: Vaibhav Jewellers has fixed the price band at Rs204-215 per equity share for its initial public offering (IPO) to raise about Rs270 crore from the capital markets.The IPO will open for subscription on September 22 and close on September 26, the company said in a statement.
Vaibhav Jewellers, a regional jewellery brand in South India, has its presence in the micro markets of Andhra Pradesh and Telangana with 13 showrooms across eight towns and two cities.The funds raised will be utilised for opening eight new showrooms, inventory for these new stores and general corporate purposes.
In FY23, it had the market share of four per cent of the overall jewellery market in Andhra Pradesh and Telangana and 10 per cent of the organised market in these two states. The public issue of face value of Rs10 each comprises fresh issuance of shares worth up to Rs210 crore and an Offer for Sale (OFS) of up to 2.8 million equity shares.
For the three months ended June 30, revenue from operations of the company stood at Rs508.90 crore and net profit was Rs19.24 crore. In FY23 its revenue from operations was Rs2,027.34 crore, majorly from the sale of gold jewellery. Bajaj Capital and Elara Capital (India) are the book-running lead managers and Bigshare Services is the Registrar to the offer.
