PNN
Mumbai (Maharashtra) [India], July 29: Utssav CZ Gold Jewels Limited, a distinguished brand in India's jewellery market, has announced plans to go public with an Initial Public Offering (IPO) on July 31, 2024, aiming to raise Rs 69.50 crores at the upper band, with shares set to be listed on the NSE Emerge platform.
* Total Issue Size - Up To 63,18,000 Equity Shares of Rs 10 each
* Issue Size - Rs 69.50 Crores (At Upper Band)
* Price Band - Rs 104 to Rs 110 Per Share
* Lot Size - 1,200 Equity Shares
The issue size is Up To 63,18,000 equity shares at a face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up To 18,00,000 Equity Shares
* Qualified Institutional Buyers (QIB) - Not more than 12,00,000 Equity Shares
* Non-Institutional Investors (NII) - Not less than9,00,000 Equity Shares
* Retail Individual Investors (RII) - Not less than 21,00,000 Equity Shares
* Market Maker - Up To 3,18,000 Equity Shares
The net proceeds from the issue will be utilized for funding the company's working capital requirements and generalcorporate purposes. Bidding for the anchor portion will open on July 30, 2024. The issue is opening for retail subscriptionon July 31, 2024, and closing on August 2, 2024.
The Lead Manager to the Issue is Choice Capital Advisors Private Limited & The Registrar to the Issue is BigshareServices Private Limited.
Pankajkumar H. Jagawat, Managing Director and Promoter of Utssav CZ Gold Jewels Limited expressed, "It is with immense pleasure that we announce our upcoming IPO. With the growing demand for affordable luxury jewellery, Utssav is perfectly positioned for continued success. Our advanced production facilities, skilled labour, and managerial expertise drive our high productivity. We are committed to delivering top-quality jewellery that caters to the taste of the youth and is suitable for daily wear. Our dedication to innovation is evident in our team of 15 CAD designers, who create around 400 new designs each month to stay ahead of market trends. Our revenue from operations has experienced significant growth over the past few years, reflecting our strong market performance and demand.
This IPO marks a new beginning for Utssav, enhancing our brand's image and visibility. With strong demand for gold jewellery, especially 18Karat pieces, we have achieved significant business growth and improved profitability."
Ratiraj Tibrewal Director & CEO of Choice Capital Advisors Private Limited said, "Supporting Utssav CZ Gold Jewels Limited in its Initial Public Offering (IPO) is a remarkable opportunity. Since its foundation, Utssav has established itself as a leading force in the CZ gold jewellery sector, offering a wide range of beautifully crafted, lightweight pieces. The company's advanced facilities and dedicated design team have contributed to its success and market leadership. With the global jewellery market on an upward trend and increasing demand for elegant yet affordable luxury, Utssav is well-positioned for continued growth.
This IPO represents a significant milestone and an exciting investment opportunity in a rapidly expanding industry. We are optimistic about the outcome and the future of Utssav in this dynamic market."
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