New Delhi: To raise Rs. 96.74 cr, Chennai-based Khazanchi Jewellers Ltd is coming out with its Initial Public Offer (IPO) of 69,10,000 equity shares of Rs 10 each at a fixed price of Rs 140 per share (with a premium of Rs 130 per share). Khazanchi has set aside 3,46,000 equity shares for the market maker.
It has set aside 50% of the remaining funds for HNIs and 50% for retail investors. The company will utilize Rs 8.62 cr for new showrooms, Rs 20 cr for new showroom inventories, Rs 55 cr for working capital and Rs 12 cr for general corporate purposes from the net proceeds of the IPO money. It has declared a total income of Rs 481.82 cr with a net profit of Rs 7.57 cr for the financial year ended on March 31, 2023.
It posted a total income of Rs 258 cr with a net profit of Rs 3.27 cr for the financial year that ended on March 31, 2022. For the financial year ended on March 31, 2021, it posted a total income of Rs 382.43 cr with a net profit of Rs 2.76 cr. For its prospectus, the company has received approval from the designated stock exchange, BSE Ltd.
The IPO is opening on July 24, 2023 and will close on July 28, 2023. The market lot for application and trading will be of 1000 shares. The shares will be listed on BSE SME. Khazanchi Jewellers was incorporated in March 1996 as a private limited company and converted to a public limited company in April 2023. The company is a prominent player in the Indian jewellery industry, with a presence in the wholesale and retail sectors.
They specialize in producing and selling a wide range of jewellery products, including precious stones, diamond jewellery, gold jewellery, and other fancy jewellery and bullion in the form of coins and bars. Tarachand Mehta, Tarachand Mehta and Sons, Goutham, Goutham HUF and Fancy Devi are the company’s promoters. The issue is lead managed by Mark Corporate Advisors Pvt Ltd, and Cameo Corporate Services Ltd is the registrar of the issue.
