Khazanchi Jewellers of Chennai set to open its IPO on July 24

The company aims to raise Rs 97 crore via the IPO, to fund its expansion plans in the same city

Chennai-based Khazanchi Jewellers is all set to open its Initial Public Offering (IPO) on July 24, and the issue close date is July 28. The IPO allotment date is August 2, and it will be listed on the Bombay Stock Exchange (BSE), tentatively on August 7, 2023.

The company aims to raise Rs 97 crore via the IPO. The issue price band is fixed at Rs 140 per equity share, with a market lot of 1,000 shares.

The company’s objectives through the IPO are:

• To finance establishment of the company’s new showroom at Chennai
• Capital expenditure for the new showroom
• Inventory cost for the new showroom
• To augment the working capital requirements of existing operations
• Funds for general corporate purposes

Khazanchi Jewellers was set up by Tarachand Mehta (Jain) in 1989 in Chennai. With a strong presence in both wholesale and retail sectors, it specializes in the production and sale of gold and diamond jewellery, precious stones, fancy jewellery and bullion in the form of coins and bars. The brand has a rich history spanning over three decades in the Indian jewellery industry.

The company has one showroom located at NSC Bose Road, Sowcarpet, Chennai. To further its business, it intends to establish more such showrooms in the same city through funds to be received by way of the IPO.

Khazanchi Jewellers has positive financial reports over the past three years. For the financial years 2020, 2021 and 2022, the profit after tax (PAT) of the company was Rs 230.71 lakh, Rs 275.58 lakh, and Rs 326.62 lakh respectively.

Retail Jeweller India News