Ratanchand Jewellers today said it has filed the draft prospectus with market regulator Sebi to raise up to Rs 150 crore through an initial public offer (IPO) to fund its expansion plans.
The Bangalore-based manufacturer and exporter of handmade gold jewellery, has filed its Draft Red Herring Prospectus (DRHP) with Sebi on February 4, for a proposed IPO to mop-up up to Rs 150 crore, the company said in a statement.
The company plans to use the issue proceeds to upgrade its existing manufacturing capacity, to set up 12 jewellery retail stores in Karnataka and to meet the long-term working capital requirements.
In the 2010 fiscal, the company's total income was Rs 166.36 crore and its net profit stood at Rs 6.19 crore.
PNB Investment Services Ltd and Karn Merchant Bankers Ltd are the book running lead managers to the issue.
Explore Business Standard