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Today Date : Wednesday, May 22, 2024

Khazanchi Jewellers plans to raise 96.74 crore in IPO

Khazanchi Jewellers plans to raise 96.74 crore in IPO

Khazanchi Jewellers Ltd., a Chennai-based company, is launching its Initial Public Offer (IPO) to raise Rs. 96.74 crore. The company has reserved 346,000 equity shares for market makers and 50% for HNIs and retail investors. The IPO will use the proceeds to fund new showrooms, inventories, working capital, and general corporate purposes. The company reported a total income of Rs. 481.82 crore in the financial year ended March 31, 2023, with a net profit of Rs. 7.57 crore. The company has received approval from BSE Ltd. for its prospectus.

The IPO will open on July 24, 2023, and close on July 28, 2023. The market lot for application and trading will be 1000 shares, and the shares will be listed on BSE SME. Khazanchi Jewellers, a prominent player in the Indian jewellery industry, has a rich history spanning over three decades and is focusing on designing, manufacturing, and selling high-quality jewellery products, including necklaces, chains, rings, earrings, bangles, bracelets, pendants, nose pins, mangalsutras, and kadas. Their focus is on creating exquisite wedding jewellery and other pieces suitable for festive occasions.

Tarachand Mehta, Goutham, Tarachand Mehta and Sons, Goutham HUF and Fancy Devi are the promoters of the company. The issue is lead managed by Mark Corporate Advisors Pvt.Ltd. and Cameo Corporate Services Ltd. is the registrar of the issue.