MUMBAI: Renaissance Jewellery Ltd said on Wednesday it has set a price band of Rs 125-150 a share for its initial public offering of 5.32 million equity shares, constituting 29 per cent of the post-issue paid-up share capital.
The proceeds of the issue, amounting to about Rs 799 million at the top end of the price band, would be used to fund the capacity expansion of its jewellery units and invest in its US subsidiary, Renaissance Jewelry New York, Inc.
The subsidiary would cater to independent, mid-range retailers in the US. Renaissance, which makes and sells studded gold, platinum and silver jewellery, is mainly focused on the US which accounts for over 95 percent of its revenue.
It also has retail stores in India. In FY-07, the company reported a net profit of Rs 204.3 million on a total income of Rs 3.9 billion. Edelweiss Capital is the lead manager to the issue which opens on November 19 and closes on November 21.
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