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Thursday, May 04, 2006

Renaissance Jewellery files draft prospectus for IPO

Mumbai-based Renaissance Jewellery has filed draft prospectus for its initial public offer, IPO, with the capital market regulator, the securities and exchange board of India, Sebi, as per the company announcements.

The company intends to offer 35.10 lakh equity shares of Rs 10 each for cash at a price to be discovered through the book-building route. The issue would constitute 35% of the fully diluted post issue paid-up capital of the company.

“We have filed the red herring draft prospectus with Securities and Exchange Board of India on April 28 last, and when to hit the market depends on market conditions,” Hitesh Shah, Executive Director, Renaissance Jewellery said.

A 100% export oriented unit, EOU, Renaissance Jewellery is a leading manufacturer of studded gold, platinum and silver jewellery for over 10 years. The company has manufacturing unit at Mumbai (two units located at SEEPZ, SEZ, Andheri, Mumbai) and one unit at Bhavnagar, Gujarat.

The product portfolio includes rings, earrings, pendants, bracelets, necklaces etc. The company product development team, on an average develops about 400 new designs every month. Among the other, the products are sold to global retail chains and distributors who in turn sell it to the end customers.

The company has won laurels from Wal-Mart as “Supplier of the Year” for the year 2004 as also from Rio Tinto Diamonds which conferred it with “Business Excellence Model”, BEM certification.

The book running lead manager for the issue is UTI Securities and the registrar to the issue is Bigshare Services.

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