Jobaaj Stories
South Indian jeweller Vaibhav Gems N Jewellers Ltd. has filed the DRHP with capital markets regulator SEBI to float its IPO.
Vaibhav Jewellers is a unit of Manoj Vaibhav Gems N' Jewellers Ltd. & is a privately held entrepreneurial group from Visakhapatnam. The group began operations in the small town of Eluru in 1994. The group is now an established name in the jewellery business with 4 generations of business lineage, knowledge & expertise in this domain.
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The company sells silver, gold and diamond jewellery. It also sells solitaires, and jewellery based on occasions and manages several collections such as Butterfly, Tara, Silvigo, Trinity and Floral. It has a sub-brand named Visesha which deals in the premium segment of gold and diamond jewellery. It has several branches in Andhra Pradesh and Telangana.
The regional jeweller's issue consists of a fresh issue of Rs 210 crores and an OFS of 43 lakh shares sold by its promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF). Moreover, the company is also considering a further issue of equity shares to the tune of Rs 40 crores. If the placement is completed, the size of the fresh issue will be reduced.
According to the DRHP, the funds raised by the company will be used to fund the set up of 8 new showrooms, the cost of which would be 12 crores, purchasing inventory worth Rs 160 crores over FY23 and FY24 & for general corporate purposes.
Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book-running lead managers to the offer. Some of the most famous jewellers listed on our bourses are PC Jewellers, Kalyan Jewellers, Lypsa Gems and TBZ.
Article by Aman Agarwal.
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