Mumbai-based jewellery brand Tribhovandas Bhimji Zaveri (TBZ) Private Limited plans to open 10 new jewellery showrooms across the country by the end of December 2012.
In line with its expansion plans, the company recently expanded its footprint in Gujarat by opening a jewellery show room in Rajkot. “We are present in nine cities at five states across India with 14 showrooms and have plans to open 10 new showrooms in the country by the end of 2012,” said Shrikant Zaveri, chairman of TBZ, speaking on this occasion.
“We wish to increase our presence in Gujarat as it is one of the fastest growing market and we get good business from here. TBZ will subsequently open showrooms at Baroda, Vapi, Gandhinagar, Jamnagar and at Gandhidham during the time,” he added. Rajkot is one of the cities from where TBZ sources ready-made gold jewellery through vendors. TBZ Ltd. has already conducted three exhibitions in Rajkot before foraying into the city. TBZ already has two showrooms in Gujarat at Ahmedabad and Surat and will be adding a third in the state with the new showroom at Rajkot.
Mumbai-based TBZ has filed a draft red herring prospectus (DRHP) with the market regulator Sebi for its initial public offer (IPO) in January this year. The company is planning to raise funds through the IPO by issuing 16.66 million shares. The issue constitutes 25 per cent post issue paid up capital of the company. According to sources, TBZ will utilise the Rs 166 crore that it wishes to garner from the IPO, to establish new showrooms(Rs 18 crore) and for its working capital requirements (Rs 157 crore).
