Tara Jewels files draft red herring prospectus with SEBI again

Tara Jewels, an integrated jewellery manufacturer and retailer is once again attempting to enter the IPO arena. The entity had proposed to launch an IPO last year, but did not, due to economic conditions, and is now looking at launching the IPO with a higher issue size, from Rs.200 crore to Rs.220 crore, reports say. It has filed the draft red herring prospectus with SEBI, again. The fresh IPO will include the same fresh issue size of Rs 150 crore and an increase in shareholder Fabrikant HK Trading’s offer for sale from Rs 50 crore to Rs70 crore.

The entity is weighing options for a private placement of up to 18 lakh equity shares for cash consideration aggregating up to Rs 50 crore. If the pre-IPO placement is complete, the number of equity shares from the fresh issue will proportionately reduce, reports add. Enam Securities Private Limited and ICICI Securities Limited are the book running lead managers to the issue.

From its IPO, Tara Jewels looks at expanding in retail and reducing debts.