MK Sons Fine Jewels has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The proposed IPO comprises a fresh issue of up to 1.36 crore equity shares and an offer-for-sale (OFS) of up to 34 lakh equity shares by promoter shareholder Ramchand Murlidhar Raimalani.
Proceeds from the fresh issue will be used for setting up a new showroom in Maharashtra, expanding an existing showroom in Gujarat, repayment or prepayment of certain borrowings and general corporate purposes. Aryaman Financial Services is the sole book-running lead manager to the issue. The shares of the company are proposed to be listed on BSE and NSE.
The company, incorporated in 2012, is engaged in designing, manufacturing and retailing fine jewellery. It offers a range of gold, diamond and cubic zirconia (CZ) jewellery through its network of company-owned stores.
