On Wednesday, the Luxury and premium watch retail player fixed a price band of Rs 836-878 per share for its Rs 472 crore with an initial public offer, which will open for subscription on May 18, 2022. Initially, three days share will conclude on May 20, as per the company’s statement.

The IPO consists of a fresh issue of equity shares aggregating to Rs 375 crore and an offer-for-sale (OFS) of up to 1,108,037 equity shares.

• Bharat Electronics Wins Rs 1,155 Crore Contracts, Shares End Flat
• Aurobindo Pharma Arm Gets USFDA Approval
• Gravita India Set to Acquire Recycling Facility in Europe; Shares Fall 
• Cleantech Startup Exposome Secured Funding of Rs 10 Crores from Colossa Ventures
• JSW Infrastructure to Raise Over Rs 5,000 Crore via QIP, Shares Up 6%

As a part of the OFS, Yashovardhan Saboo, KDDL, Mahen Distribution, Saboo Ventures LLP, Anuradha Saboo, Jai Vardhan Saboo, VBL Innovations, Anil Khanna, Nagarajan Subramanian, C. Raja Sekhar, Karan Singh Bhandari, Harsh Vardhan Bhuwalka, Anand Vardhan Bhuwalka, Shalini Bhuwalka and Manju Bhuwalka will sell equity shares.

At the upper end of the price band, the public issue is expected to fetch Rs 472.3 crore.
Proceeds from the fresh issuance will be utilised for repayment of the debt, funding working capital requirements, opening new stores and general corporate purposes.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 17 equity shares and in multiples of 17 thereafter. The company’s revenue from operations stood at Rs 386.57 crore for fiscal 2021, while its net profit was Rs 5.78 crore in the same period.