Manoj Vaibhav Gems ‘N’ Jewellers, better known as Vaibhav Jewellers, a leading regional jewellery brand in South India, has filed for an initial public offering (IPO) to raise ₹270.20 crore. The company plans to use the proceeds to finance the establishment of 8 new showrooms and for general corporate purposes.
Vaibhav Jewellers, led by Bharata Mallika Ratna Kumari Grandhi and her daughter Grandhi Sai Keerthana, is a hyperlocal jewellery retail chain with 13 showrooms in Andhra Pradesh and Telangana. The company caters to all economic segments of the micro markets of these two states. It has a strong rural market focus and a dedicated urban focus as well.
The company said its competitive strengths include its key leading home-grown regional brand built on a hyperlocal retail strategy, its early mover advantage in the state of Andhra Pradesh, and its focus on fortifying its business through its rural market focus.
The IPO consists of a fresh issue of 9,767,442 shares and an offer for sale of 2,800,000 shares. The issue price has been fixed in the range of ₹204 to ₹215 per equity share. The IPO opens for subscription on 22nd September 2023, and closes on 26th September 2023. The shares are expected to be listed on the NSE and BSE on 5th October 2023.