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Tuesday, November 20, 2012

Tara Jewels IPO opens on 21 November 2012

Price band set at Rs 225-230 a share 


The initial public offer (IPO) of jewellery manufacturer and exporter Tara Jewels open for bidding on Wednesday, 21 November 2012. The company has fixed the price band for the IPO at Rs 225-230 a share. 

The issue consists of fresh issue of (Rs 10 face value) shares worth up to Rs 109.50 crore and an offer for sale of shares worth up to Rs 70 crore by Fabrikant HK Trading. The issue closes on Friday, 23 November 2012. 

Tara Jewels plans to utilise the IPO proceeds to meet the expenses of establishing retail stores and for repayment or prepayment of loans. 

The company conducts jewellery retail operations in the domestic market under the brand 'Tara Jewellers' and currently has 30 existing stores spread mainly in west, central and north. The firm intends to launch 20 project stores across India by 31 March 2013. 

The company has four manufacturing units, three in Mumbai and one in China. The company primarily exports to Australia, China, Canada, European Union, South Africa, UAE, UK, and US. Going forward, the company will explore export opportunities in South and Central America. 

Care rating agency has assigned IPO grading of three to the Tara Jewels IPO, which indicates average fundamentals. The IPO grading is assigned on a five-point scale from one to five with five being the best.
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