Shree Ganesh Jewellery House plans IPO

Plans to issue 1.42 crore equity shares of face value of Rs 10 each

Shree Ganesh Jewellery House, a jewellery maker and exporter, has filed for regulatory approval for its initial public offering of 1.42 crore shares. The issue consists of a fresh issue of 1.21 crore equity shares and an offer for sale of 21.30 lakh equity shares by Mauritius based Credit Suisse Pe Asia Investments. The net issue will constitute 23.52% of the fully diluted post issue paid-up capital of the company. Foreign financial service firm Credit Suisse had invested Rs 80 crore in the company for buying 10.99% equity in March last year.

The firm plans to raise funds to expand operations and diversify into newer products and geographies

Shree Ganesh Jewellery House is planning to set up a gold refinery plant in West Bengal with an annual installed capacity of 1,000 kg of gold. The gold refinery facility, which the company plans to set up, would refine pre-used gold, which would subsequently be utilised as raw material to manufacture jewellery. Currently, the company procures refined gold from suppliers like Al-Marhaba Trading FZC, the Bank of Nova Scotia, the Standard Chartered Bank, apart from the State Trading Corporation of India.

Shree Ganesh Jewellery House is one of the largest manufacturers and exporters of handcrafted gold jewellery in India. The company's manufacturing units are located at Manikanchan special economic zone (SEZ), West Bengal which is known for the availability of craftsmen (karigars skilled in the manufacture of handcrafted jewellery. The company also carries retail marketing of its own products through its branded stores Gaja. Middle East, Singapore and Hong Kong are the major export market for the company's products.