PC Jeweller launches 10 new showrooms

PC Jeweller, which is in the planning stages to launch its initial

public offer (IPO), has launched 10 new showrooms in North India at an investment of about Rs 350 crores in the last one year. In September 2011, the company filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise over Rs 500 crores for expansion and working capital requirement. PC Jeweller got SebiI’s nod to launch its IPO, comprising of 45,133,500 shares of Rs 10 each.

The shares are proposed to be listed on the National Stock Exchange (NSE) and the BSE. The book running lead managers to the IPO are SBI Capital Markets and Kotak Mahindra Capital and the co-book running lead manager is IDBI Capital Market Services. At the time of filing IPO documents, PC Jeweller had 20 showrooms across the country. In the last one year, the company has added 10 new showrooms as a part of its retail expansion plans. Now by utilising the funds raised through public offer, the company wants to reach a store count of 50 by end of fiscal 2013-14.

PC Jeweller with a wide range of jewellery on offer with a focus on diamond jewellery, had posted a turnover of about Rs 3,000 crores in the 2011-12 fiscal. At present, diamond jewellery contributes about 30 per cent to the topline and the company expects the same to reach at 50 per cent in the next three years.