Tara Jewels which operates in three segments — retail, export and manufacturing, announced its Rs 180 -crore initial public offering on Monday. The price band is fixed at Rs 225-230 a share. The issue which opens for subscription on 21 November and closes on 23 November comprises of fresh equity shares worth Rs 197.5 crore and an offer for sale of Rs 70 crore worth of shares by Fabrikant H K Trading . The equity shares are proposed to be listed on the BSE and National Stock Exchange of India.
Of the total funds raised from the proposed initial public offering (IPO), Rs 70 crore will be for offer for sale to Fabrikant H K Trading, the balance will be used for funding the retail expansion in the country, repay debt and working capital
The company conducts jewellery retail operations in the domestic market under the brand 'Tara Jewellers' and currently has 30 existing stores spread mainly in west, central and the north. The company primarily exports to Australia, China, Canada, European Union, South Africa, UAE, the UK, and US.