Tribhovandas Bhimji Zaveru files for Rs2 billion IPO
The issue for 16.7 million shares would constitute 25% of its post-issue paid-up equity capital and the proceeds would be used for setting up new showrooms and for meeting working capital requirements.
Jewellery retailer Tribhovandas Bhimji Zaveri Ltd has filed an application with the market regulator for an initial public offering of up to Rs2 billion ($44 million). The issue for 16.7 million shares would constitute 25% of its post-issue paid-up equity capital and the proceeds would be used for setting up new showrooms and for meeting working capital requirements. IDFC Capital Ltd and Avendus Capital Private Ltd are the book running lead managers to the issue. Tribhuvandas, which sells gold and diamond jewellery, currently has 14 showrooms and plans to open another 44 by fiscal 2014.