The Hindu Business Line : Tribhovandas Bhimji Zaveri to raise funds through IPO

MUMBAI Leading gold jewellery retailer, Tribhovandas Bhimji Zaveri Pvt Ltd (TBZ), is looking at an initial public offer (IPO) to part finance its Rs 400 crore expansion plan for setting up jewellery showrooms across the country, a senior company official said.

“We are seeking Rs 400 crore for our expansion plans. We have 12 large-format jewellery showrooms in five states, and plan to spread our network and outlets to other important cities of India to tap the growing demand for branded jewellery retail,” TBZ's General Manager, Mr R K Nagarkar, said here on Friday.

The family-run TBZ, started operations in 1864 and presently has showrooms at Zaveri Bazaar, Borivili, Santa Cruz, Thane and Ghatkopar in Mumbai and Hyderabad, Vijayawada, Ahmedabad, Surat and Indore.

Asked about valuation, Mr Nagarkar said the 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. “We have a cash credit limit of Rs 200 crore from State Bank of India (SBI) which will be used for our working capital requirements, Mr Nagarkar said. - PTI

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