Ratanchand Jewellers seeks SEBI nod for Rs 1.5 bn IPO

Ratanchand Jewellers said on Monday it has filed initial papers with the regulator to raise up to Rs 1.5 billion via an initial share sale.

The Bangalore-based manufacturer and exporter of handmade gold jewellery intends to use the issue proceeds to upgrade its existing manufacturing capacity, to set up 12 retail stores in the state of Karnataka and to meet the long term working capital requirements, it said in a statement. PNB Investment Services Ltd and Karn Merchant Bankers Ltd are the book running lead managers to the issue while Karvy Computershare Pvt Ltd is the registrar to the issue, it said.