Jewellery retailer Tribhovandas Bhimji Zaveri has fixed a price band between Rs 120 and Rs 126 a share for upto Rs 210 crore initial public offer (IPO), which is set to hit the capital market on April 24, 2012. Subscriptions to the 1.66 crore-share issue will close on April 26, 2012. IDFC Capital and Avendus are the lead bookrunners for Tribhovandas' share issue.
The jewellery retailer, who currently operates through 14 showrooms, plans to utilize the proceeds for financing establishment of nine new large format high street showrooms in eight cities, while also financing incremental working capital requirements needs. Further, this issue has been graded by CRISIL as ‘IPO Grade 3’, indicating average fundamentals.
Tribhovandas Bhimji Zaveri, a well known jewellery retailer in India, is primarily engaged in selling gold and diamond-studded jewellery. Additionally, the other product range includes platinum jewellery, jadau jewellery and silverware. The flagship showroom in Zaveri Bazaar, Mumbai was established in 1864 however, the jeweller has witnessed growth since 2001 with opening of 13 showrooms. It owns a diamond-studded jewellery manufacturing facility at Kandivali, Mumbai and is building an additional facility with a carpet area of approximately 17,739 square feet.
Presently, it operates through 14 showrooms of which two are designer boutiques under the trade name ‘Krs?la’. The jewellery retailer now plans to open 44 showrooms under brand name ‘Tribhovandas Bhimji Zaveri’ by the fiscal year 2014.
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