Malabar Group plans IPO by 2019
The Malabar Group of Companies is planning an initial public offer (IPO) to aid in its expansion plans in the next two years.
“We are getting ready for an IPO and will decide on the size once the audit is over. We have 1,200 local and non-resident investors in the company,' MP Ahammed, chairman, Malabar Group was quoted as saying by the Economic Times.
Malabar Group the parent firm of Kerala-based jewellers Malabar Gold & Diamonds has appointed global consultancy firm EY as auditor and KPMG as management consultant.
The company plans to have 200 jewellery stores in place by end of this calendar year. “We have 173 stores and plan to take the number up to 500 by 2020. We may also set up jewellery kiosks in malls,” said Ahammed. “We expect overall revenue to be `30,000 crore in FY17,” he added.
Malabar clocked Rs 25,000 crore turnover in 2015-16, with 80% coming from gold and diamond jewellery sales and 20% from other businesses, including real estate.
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