how is the ipo of renaissance jew?
Loriann asks:
please suggest me whether I should go for this ipo or not as I am very interested in this only for listing gains…
please suggest me whether I should go for this ipo or not as I am very interested in this only for listing gains…
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The proceeds of the issue, amounting to about 799 million rupees 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 FY07, the company reported a net profit of 204.3 million rupees on a total income of 3.9 billion rupees. Edelweiss Capital is the lead manager to the issue which opens on November 19 and closes on November 21.
go for it — do small application of around 10000.