Tribhovandas Bhimji Zaveri Pvt. Ltd (TBZ), a Mumbai-based gold jewellery retailer, has revealed its plans to bring an initial public offer (IPO) to part finance its Rs 400 crore expansion plan.

The company intends to establish jewellery outlets across the country. At present, TBZ has 12 large-format jewellery showrooms in five states, which it wants to spread to other important cities of India to tap the growing demand for branded jewellery retail.

TBZ, which had started its operations in 1864, has showrooms at Zaveri Bazaar, Borivili, Santa Cruz, Thane and Ghatkopar in Mumbai and Hyderabad, Vijayawada, Ahmedabad, Surat and Indore.

Sources reported that company's merchant bankers were working on the valuation and timing of the IPO. The company has so far raised money only through the debt route.