According to the draft red herring prospectus, the public offering consists of a fresh issue of equity shares up to Rs 210 crore and an offer-for-sale (OFS) of 43 lakh equity shares by promoter Grandhi Bharata Mallika Ratna Kumari (HUF) (DRHP).
The business may also think about issuing more equity shares for up to Rs 40 crore. If such a placement is successful, the size of the new issue will be decreased.
In addition to general corporate objectives, the proceeds of the new issuance will be used to fund the construction of eight additional showrooms at a cost of Rs 12 crore and the procurement of goods worth Rs 160 crore during the course of FY23 and FY24.
Vaibhav Jewellers, a company with its headquarters in Visakhapatnam, offers a large selection of jewellery and other items made of gold, diamonds, jewels, platinum, and silver. Its sub-brand Visesha serves the high-end gold and diamond jewellery market.
Grandhi Sai Keerthana and Bharata Mallika Ratna Kumari Grandhi, who launched the business in 1994, are presently in charge.
According to the Technopak research, the firm had a roughly 14% market share of the organised market in FY21. Tanishq, Kalyan Jewellers, Malabar Gold Pvt Ltd, GRT Jewellers, and Joyalukkas are other significant firms with operations in Andhra Pradesh and Telangana.
Its operating revenue in FY 22 was Rs 1,694 crore.
The offer’s book-running lead managers are Elara Capital (India) Pvt Ltd and Bajaj Capital Ltd. The BSE and NSE will list the equity shares. SP PTI DRR