Renaissance Jewellery Ltd., a Mumbai-based manufacturer and exporter of studded gold, platinum and silver jewellery will be launching an initial public offering (IPO) for its expansion at its Bhavnagar and Mumbai units. It has submitted a draft red herring prospectus with the Securities Exchange Board of India.

The offer has 5,324,240 equity shares of Rs.10 each as face value, and 2,662,120 warrants, with one warrant allocated for every two equity shares. It will include 29% and 37.99% of the fully diluted post-issue paid-up capital before and after exercise of warrants.The IPO would also fund the increase in the company's current working capital limit of Rs.1,300 ($32 million).

Renaissance plans to open a subsidiary in New York for the independent mid-range retailers in America to minimise its dependence on wholesalers and large retail chains. The company would invest Rs.350 million ($8.66 million) in this subsidiary.