Tara Jewels’ Rs.179.5-crore IPO first in five months
Of the total, the company intends to raise R109.5 crore by fresh issue and the balance R70 crore by way of offer for sale (OFS). “Tara Jewels has 30 stores across India and we are aiming to roll out next 20 stores through the net proceeds, mainly in north and central India,” said Rajeev Sheth, CMD,
Tara Jewels, addressing a press conference.
The price band is fixed at R225 to R230 per share with a face value of R10. The issue, which opens on November 21 and closes on November 23, has been assigned IPO grade 3 by CARE Ratings. Bids can be made for a minimum of 50 equity shares, followed by a multiple of 50 shares thereafter, and the shares would be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Axis Capital and ICICI Securities are bookrunning lead managers (BRLMs) to the issue.
Though the timing seems suspect, the lead managers to the issue remained optimistic on the success of the IPO and said the issue was attractively price in context of the current market conditions.
“The issue is attractively priced. Some of the peers are trading