Khazanchi Jewellers to raise Rs. 96.74 crore from IPO which opens on July 24, 2023

Chennai, National, 21^st July 2023: Chennai based Khazanchi Jewellers Ltd. is coming out with its Initial Public Offer (IPO) of 6910000 equity shares of Rs. 10 each at a fixed price of Rs.140 per share (including a premium of Rs. 130 per share), to raise Rs. 96.74 cr. 

Khazanchi has reserved 346000 equity shares for the market maker. From the rest, it has allocated 50% for HNIs and 50% for Retail investors. From the net proceeds of the IPO money, the company will utilize Rs. 8.62 cr. for new showrooms, Rs. 20.00 cr. for inventories of the new showroom, Rs. 55.00 cr. for working capital and Rs. 12.00 cr. for general corporate purposes.  

For the financial year ended on March 31, 2023, it has reported a total income of Rs. 481.82 cr. with a net profit of Rs. 7.57 cr. For financial year ended on March 31, 2022, it posted a total income of Rs. 258 cr. with a net profit of Rs. 3.27 cr. For financial year ended on March 31, 2021, it posted a total income of Rs. 382.43 cr. with a net profit of Rs.2.76 cr.

The company has received approval from BSE Ltd. (the designated stock exchange) for its prospectus. The IPO is opening on July 24, 2023 and will close on July 28, 2023. The market lot for application and trading will be of 1000 shares. The shares will be listed on BSE SME. 

Khazanchi Jewellers was incorporated in March 1996 as a private limited company and got converted in to public limited company in April 2023. 

The company is a prominent player in the Indian jewellery industry, with a strong presence in both wholesale and retail sectors. They specialize in the production and sale of a wide range of jewellery products, including gold jewellery, diamond jewellery, precious stones, and other fancy jewellery and bullion in the form of coins and bars. Their business havea rich history spanning over three decades in the Indian jewellery industry. Their promoters are experienced entrepreneurs with over 25 years of expertise in the field. 

They offer a diverse range of jewellery products and arededicated to designing, manufacturing, and selling high-quality jewellery that includes necklaces, chains, rings, earrings, bangles, bracelets, pendants, nose pins, mangalsutras, and kadas. Their focus is on creating exquisite wedding jewellery and other pieces suitable for festive occasions.

Tarachand Mehta, Goutham, Tarachand Mehta and Sons, Goutham HUF and Fancy Devi are the promoters of the company. 

The issue is lead managed by Mark Corporate Advisors Pvt.Ltd. and Cameo Corporate Services Ltd. is the registrar of the issue.

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