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Tara Jewels to List Shares on Thursday
Dec 5, 2012 7:02 AM
By Dilipp S Nag
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RAPAPORT... India’s Tara Jewels Ltd., which recently raised capital through its INR 1.80 billion ($32.6 million) initial public offering (IPO), will list its equity shares on the stock exchanges on December 6.
The jewelry manufacturer and exporter entered the capital markets in November, which included a fresh issue of equity shares worth INR 1.10 billion and an offer for sale of shares worth at INR 700 million by its major shareholder Fabrikant H.K. Trading Ltd.
The Mumbai-based company's IPO was subscribed to two times. It offered about 7.8 million equity shares at INR 230 per share to investors. Tara had also allotted shares worth about INR 405 million by way of the pre-IPO placement to Crystalon Finanz AG, an affiliate of Daniel Swarovski company.
Tara’s operations include manufacturing, exporting and retailing jewelry. The company, which currently operates 30 stores in India under the Tara Jewellers brand, plans to utilize the IPO funds to open 20 new stores in north and the central parts of the country and for the payment of debt to the bank.
Tara supplies studded jewelry to retailers such as Christ Uhrean & Schmuck and Walmart. Exports account for about 80 percent of its total sales with its main markets being the U.S., Australia, China, Canada, European Union, South Africa, the United Arab Emirates and the U.K.
Its products include gold, platinum and silver jewelry with or without studded precious and semi-precious stones. The company has four manufacturing units, of which one is located in Panyu, China and the other three in Mumbai.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
Dilipp S Nag, gold, India, ipo, Jewelry, retail, Tara Jewellers, Tara Jewels
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