Mumbai, Nov 14 (UNI) Renaissance Jewellery, one of the largest exporters of studded gold and platinum jewellery in India, is entering the capital markets on November 19 with an initial public offering (IPO) of 5,324,240 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process (the Issue) along with one detachable warrant for every two equity shares allotted by the Company.
The Offer will close on November 21. The Price Band has been fixed between Rs 125 to Rs 150 per equity share.
Company Executive Director Hitesh Shah told reporters, ''The Company will deploy the net proceeds of the Issue for funding its capacity expansion at its Bhavnagar and Mumbai units, investments in the foreign subsidiary and augmenting working capital requirements.
Renaissance Jewellery has been in the studded precious stone jewellery business for over a decade. It operates through three manufacturing units, of which two units are located at Seepz-SEZ in Mumbai and the third, 100 per cent EOU unit, at Bhavnagar in Gujarat.
Besides, the Company's subsidiary, Renaissance Retail Venture (RRVPL) has a manufacturing facility at MIDC, Mumbai, for catering to the domestic retail market. Company's subsidiary, Verigold Fine Jewellery has a manufacturing facility for studded jewellery at Seepz-SEZ in Mumbai.
The Company believes that they have an established presence in the US markets and have developed a marketing network with major retail chains and speciality jewellers. The Company has also forayed into new product categories such as bridal and gemstone jewellery and has also recently entered the Middle-East and far East markets.
The Company has state-of-the-art design capabilities and has an in-depth understanding of the market and fashion trends. Over the past decade, the Company has developed a large collection of designs of studded jewellery, which aggregates over 30,000 in number.
In India, the Company's retail arm RRVPL currently sells through 24 locations, including eight retail outlets (five in Mumbai, one in Pune, one in Lucknow and one in Gurgaon). The retail products sold by RRVPL are under the brand name Lucera, he added.