Tara Jewels to launch IPO on 21st November.
Mumbai,19th Nov.2012. (Sachin Murdeshwar) : Jewellery manufacturer and exporter,Mumbai based, Tara Jewels today said it had fixed the price band for its IPO at
Rs 225-230 a share, which will open for subscription on November 21, 2012.
The Company’s CMS Mr Rajeev Sheth told mediapersons here today, “The issue,
which will close on November 23, comprises fresh equity shares worth Rs 197.5
crore and an offer for sale of Rs 70 crore worth of shares by Fabrikant H K
Trading,.Out of the total funds raised from the proposed initial public
offering (IPO), Rs 70 crore will be for offer for sale to Fabrikant H K Trading,
the balance will be used for funding the retail expansion in the country, repay
debt and working capital. The company conducts jewellery retail operations in
the domestic market under the brand ‘Tara Jewellers’ and currently has 30
existing stores spread mainly in west, central and the north.”
“We are planning to an additional 20 retail stores by the end of this
financial year mostly in the north and the central region. These stores will be
in tier I, II, III and IV cities catering to the middle class,” he added.
” The company primarily exports to Australia, China, Canada, European Union,
South Africa, UAE, the UK, and US. Going forward, the company will explore
export opportunities in South and Central America.The company has four
manufacturing units, three in Mumbai and one in China,” he said.
Net profit of the company rose 33% year-on-year to Rs 54.13 crore and total
revenue increased 22.5% to Rs 1,401.05 crore in FY’12.
Sheth, who is also the promoter, holds 73.15% stake in the company while
Fabrikant HK Trading and Crystalon Finanz AG hold 16.36% and 9.09% stake,
respectively.
Enam Securities Private and ICICI Securities are book running lead managers
to the issue, while Link Intime India is the registrar to the issue.
The equity shares are proposed to be listed on the BSE and National Stock
Exchange of India
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