Welcome to jimtrade
Sign In | Join Free
 
in
Home > Trade News > Gitanjali Gems approach the capital market with IPO
Gitanjali Gems approach the capital market with IPO
 
Gitanjali Gems approach the capital market with IPO
Gitanjali Gems, manufacturers and retailers of a diamond and gold jewellery in the country, has verged upon the capital market with its initial public offering(IPO).The companys brands include Nakshatra, Asmi,Gili, and Ddamas.This issue which will constitute 28.8% of the diluted equity, is being offered within a price band of Rs 170 to Rs 195 per share.In all 17m, shares have been placed on the counter for subscription.At least 35% will be offered to retail individual bidders.J Niranjan of ICICI securities, investment banner to the issue ,said there was a lot of juice left for investors,as they had deliberately priced the issue lower by around Rs 25.
He added this was done to shield it form even a 2,000 point correction in the market.Mehul Choksey ,chairman ,Gitanjali Gems said, "The company is looking to expand its retail base with the proceeds from the issue,and also upgrade its factories." According to him, the jewellery industry ,which records sales of Rs 1,00,000 crore, could grow thrice the amount with proper branding.
Posted On : 2/9/2006 12:17:36 PM

 
 
 
Gitanjali Gems approach the capital market with IPO