Visakhapatnam-based jewellery brand Manoj Vaibhav Gems ‘N’ Jewellers Ltd has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

With a face value of ₹10 each, the public offering is a fresh issue of equity shares amounting to ₹210 crore and an offer for sale of 43 lakh equity shares by the promoter Grandhi Bharata Mallika Ratna Kumari (HUF).

In a statement on Tuesday, the company said it would use the proceeds to set up eight new showrooms by investing ₹12 crore and purchase inventory worth ₹160 crore in the next two years. The 28-year-old firm has a presence in eight towns and two cities in Andhra Pradesh and Telangana. The company registered revenues of ₹1,694 crore in 2021-22, including ₹28.6 crore from its e-commerce operations.

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