PC Jeweller launches IPO with price band of Rs 125-135 per share

PC Jeweller launches IPO with price band of Rs 125-135 per shareDelhi-based jewellery manufacturer, PC Jeweller has making its debut at the stock markets in the country with shares at the in the price band of Rs 125-135 per share.

The IPO involves fresh issue of 4,51,33,500 equity shares, which will constitute 25.2% of the company's post-issue equity capital of Rs 179.10 crore. The company has reserved 2,23,87,500 shares for QIBs and 30 out of these are set aside for Anchor Investors. The jweller has also reserved 67,16,250 shares for Non-Institutional category and 1,56,71,250 shares for Retail Investors.

PC Jeweller is aiming to raise about between Rs 564 crore and Rs 609 crore through the offering. The company has said that it is aiming to utilize the funds raised for mainly funding its expansion plans. It said that about Rs 516.85 crore will be used to build new showrooms while the remaining will be sued for general corporate purposes. Both CARE and CRISIL have graded the IPO and have given a Grade 3, which means average fundaments of eh issue.

The company was founded as P Chand Jewellers Private Limited by Padam Chand Gupta and his brother Balram Garg in 2005. The company is new however the promoters have long period of experience in the industry. The company was renamed PC Jeweller in November 2009. It sells gold jewellery and diamond-studded jewellery under the 'PC Jeweller' brand and has 30 showrooms across 23 cities across northern part of the country.