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C. Mahendra Expects to Raise $37M in IPO

Jan 3, 2011 3:30 AM   By Avi Krawitz
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RAPAPORT... C.Mahendra Exports, a Mumbai-based diamond and jewelry manufacturer, expects to raise up to $37 million (INR 1.65 billion) in an initial public offering (IPO) on the Bombay Stock Exchange and the National Stock Exchange of India Limited. The company has made available 15 million shares in a price range of INR 95 and INR 110 per share ($2.1 to $2.5 per share). The issue opened on Friday and is scheduled to close on Thursday, January 6, 2011.

C. Mahendra said it will use the funds to set up a new diamond processing unit in Gujarat and a jewelry manufacturing unit in Mumbai, as well as setting up retail outlets and to enhance its brand. Ciemme is the company's flagship brand. 

YES Bank Limited and Anand Rathi Advisors Limited are the book running lead managers to the Issue and Link In time India Private Limited is the registrar to the issue.

At least 50 percent of the issue will be allocated to qualified institutional buyers, while not less than 35 percent will be allocated on a proportional basis to retail individual bidders and at least 15 percent of the issue will be available for allocation on a proportional basis to non institutional bidders.

C. Mahendra's revenues rose 15 perecnt year on year to $364.8 million (INR 1.65 billion) for the fiscal year ending March 31, 2010. Net profit after tax increased 7 percent to $5 million (INR 225.4 million). 

 

Tags: Avi Krawitz, Avi Krawitz
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