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Tribhovandas Bhimji Zaveri IPO opens on April 24

The Mumbai based 145-year old jewellery retailer is coming out with its public issue of more than 1.66 crore equity shares.

News18test sharma |

Updated:April 17, 2012, 3:46 PM IST
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Tribhovandas Bhimji Zaveri IPO opens on April 24
The Mumbai based 145-year old jewellery retailer is coming out with its public issue of more than 1.66 crore equity shares.

Mumbai: Mumbai based 145-year old jewellery retailer Tribhovandas Bhimji Zaveri is tapping the capital market with its public issue of more than 1.66 crore equity shares on April 24, diluting 25 per cent stake, as per the advertisement in The Financial Express.

The company has 14 showrooms in nine cities across five states and it primarily sells gold jewellery and diamond-studded jewellery.

Jewellery retailer plans to open an additional 44 showrooms (26 large format high street showrooms and 18 small format high street showrooms) by the end of fiscal 2014, which will be financed by IPO money (with an outlay of Rs 18.17 crore). The company will also use issue proceeds for working capital (of Rs 156.5 crore).

The issue will be closed for subscription on April 26. Rating agency CRISIL has assigned grade 3 to the IPO, which indicates average fundamentals.

Equity shares are proposed to be listed on the BSE and the National Stock Exchange.

The book running lead managers to the issue are IDFC Capital Limited and Avendus Capital Private Limited. Karvy Computershare Private Limited is the registrar to the issue.

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