Published on Thu, Mar 18, 2010 at 07:33 | Source : Reuters
Updated at Thu, Mar 18, 2010 at 12:32
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
Shree Ganesh sets IPO price band at Rs 260-270/sh
Jewellery maker and exporter Shree Ganesh Jewellery House has set a price band of Rs 260-270 per share for its 14.2-million-share initial public offering.
"We will use the proceeds for setting up two new manufacturing units in West Bengal and a gold refining plant. We also plan to add 46 retail outlets by FY12 from the current 13," Managing Director Umesh Parekh said.
The firm's manufacturing capacity is now about 30 tonnes, and the two plants would add a further 6.5 tonnes, he said.
Shree Ganesh also plans to set up units in Dubai and Singapore and expand its export footprint into new geographies such as Europe, Australia and Africa, Parekh said.
The Middle East, Singapore and Hong Kong are the major export markets for the firm.
The company, which gets 95% of revenues from exports, posted a total income of Rs 13.3 billion on net profit of Rs 799.5 million for six months ended September 2009.
"We are looking at a 25% growth in revenue in the next fiscal and margin growth of 8-10%," Parekh added.
Axis Bank Limited, ICICI Securities Ltd and Avendus Capital Pvt Ltd are the book-running lead managers for the IPO.
