Vaibhav Jewellers files DRHP for IPO

6 Sep 2022 , 12:24 PM

Manoj Vaibhav Gems ‘N’ Jewellers Ltd., with its headquarters in Visakhapatnam and its presence in 8 towns and 2 cities in the micromarkets of Andhra Pradesh and Telangana, has filed its Draft Red Herring Prospectus (DRHP) with the markets’ supervisor, the Securities and Exchange Board of India (SEBI), in order to raise funds through an initial public offering (IPO). 

The public issue, with a face value of Rs 10 per equity share, is a fresh issue of up to Rs210 crore in equity shares and an offer for sale of 43,00,000 equity shares by Grandhi Bharata Mallika Ratna Kumari (HUF), the promoter selling shareholder. 
 
The net proceeds from the IPO will be used to fund the establishment of eight additional showrooms at a cost of Rs12 crore and the procurement of goods worth Rs160 crore between FY23 and FY24, in addition to general corporate objectives.

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