Priority Jewels files primary papers for IPO

Jewellery business Priority Jewels Limited plans to launch an initial public offering fully consisting of a fresh issue of equity shares. The business has filed its draft red herring prospectus with market regulator the Securities and Exchange Board of India. 

Priority Jewels Limited plans for its IPO to consist of a fresh issue of 54 lakh equity shares and it will have no offer for sale component, the Press Trust of India reported. The business plans to use proceeds from the IPO of up to Rs 75 crore to pay off debt with a portion of the funds to be put towards general corporate purposes.

Retailing directly to jewellery chains as well as independent jewellers, the business supplies both Indian and global markets, ETRetail reported. Priority Jewels Limited’s customers include Kalyan Jewellers and Malabar Gold & Diamonds among others and the business has exported its goods to 13 countries. 

Priority Jewels Limited was established in 2007 and specialises in everyday gold, platinum, and diamond studded jewellery, according to its website. The business counts two jewellery manufacturing units in India which produce goods for both the domestic market and for export.