Vaibhav Jewellers files DRHP to mop-up finances via IPO
Vaibhav Gems NSE 0.90% N’ Jewellers Ltd, a leading indigenous jeweller brand in South India, has filed primary papers with capital requests controller Sebi to raise finances through an original public immolation (IPO). The public issue comprises fresh issue of equity shares adding up to Rs 210 crore and an Offer- for- trade (OFS) of 43 lakh equity shares by protagonist reality Grandhi Bharata Mallika Ratna Kumari (HUF), according to the draft red herring prospectus (DRHP).
Also, the company may consider a farther issue of equity shares adding up to Rs 40crore.However, the fresh issue size will be reduced, if such a placement is completed. Proceeds of the fresh issue will be employed to finance the establishment of eight new showrooms going Rs 12 crore and the purchase of force worth Rs 160 crore over FY23 and FY24, besides general commercial purposes.
Visakhapatnam- headquartered Vaibhav Jewellers offers a wide range of products in gold, diamonds, gems, platinum and tableware jewellery or papers. Its sub-brand Visesha caters to a decoration member of gold and diamond jewellery. The company was innovated in 1994, and is presently being led by Bharata Mallika Ratna Kumari Grandhi along with her son Grandhi Sai Keerthana.
As per the Technopak report, in FY21, the company had an approximate request share of 14 per cent of the systematized request. Other crucial players that have presence in Andhra Pradesh and Telangana are– Tanishq, Kalyan Jewellers, Malabar Gold Pvt Ltd, GRT Jewellers and Joyalukkas.
In FY22 its profit from operations stood at Rs1,694 crore. Bajaj Capital Ltd & Elara Capital (India) Pvt Ltd are the book running lead directors to the offer. The equity shares will be listed on BSE & NSE.
About Vaibhav Jewellers
Vaibhav Jewellers a unit of Manoj Vaibhav Gems N’ Jewellers Ltd. is a privately held entrepreneurial group from the City of Visakhapatnam. The group traces its roots to the small town of Eluru where it made a humble beginning in the early 20th century. The group is now an established name in the jewellery business. Four generations of business lineage, knowledge & expertise in this domain has been a key to the group’s success.
The group’s history dates back to a century when the family started with textile showroom. The business legacy was carried therefrom by the future generations, diversified it to jewellery segment.
History
- 1994 : Mr.Manoj Kumar Grandhi ventured into retail Jewellery business by bringing the brand to Visakhapatnam in 1994. He initially operated the business from an 800sqft store where he built the trust and brand brick by brick.
- 2007 : 800sqft store underwent a metamorphic change and moved into 30,000sqft jewellery store. The flagship showroom has now become synonyms to a major shopping hub and a picturesque in the city.
- 2014-2016 : Vaibhav Jewellers had opened its maiden stores in East Godavari district Kakinada. The fervour of expansion continued over the coming years marking our footprints in Gajuwaka, Parvathipuram, Rajahmundry, Bobbili and Ankapalle.
- 2017 : Vaibhav Jewellers made auspicious beginnings in the state of Telangana by opening two stores at prime locations in Hyderabad namely Dilsuknagar & ASRao nagar.
Mission & Vision
Our mission is to enrich stakeholders’ value through: Customer delight, Employee satisfaction , Expand our presence. A richer tomorrow. The three E’s of enrichment: our vision is to enrich the lives of everyone we touch through innovative products and services that enable expression, experience and evolution.