Gitanjali Gems unit, Nakshatra World, plans to raise Rs650 crore through IPO

By

Maverick Martins

Published
Dec 15, 2016

India’s leading luxury jewellery firm Gitanjali Gems Ltd told the stock exchanges on Wednesday that its unit Nakshatra World Ltd plans to raise as much as Rs650 crore through the initial public offering (IPO).

The proposed IPO is subject to requisite approvals, market conditions and other relevant considerations, the company said according to a report in the Mint. The IPO plan comes at a time when the Indian primary market has seen robust activity over the past 12-24 months.
 
Gitanjali Gems owns and distributes several renowned jewellery brands such as Gili, Nakshatra, Asmi, Sangini, Nizam and Parineeta. Its network of own stores, shop-in-shops and franchise outlets spans across 200 cities and 3,000 points of sale, according to the company’s latest annual report.

Gitanjali Gems did not say when it would file the draft red herring prospectus with markets regulator Securities and Exchange Board of India.