Tara Jewels to raise Rs 200 cr via IPO

Studded jewellery exporter Tara Jewels today revealed its plans to raise Rs 200 crore through an initial public offer (IPO) and filed the draft prospectus with market regulator Sebi.

The company has filed its draft red herring prospectus with the Securities and Exchange Board of India for IPO, it said in a statement, adding that the issue size of public float was Rs 200 crore.

The issue would also comprise an offer for sale of shares by Fabrikant HK Trading (Rs 50 crore), Tara Jewels added.

Enam Securities is the sole book running lead manager to the issue.

The company is a recent entrant to country's organised jewellery retail industry. Its filing for an IPO reflects the upbeat market sentiment whereas more and more firms are lining up to cash in the buoyant stock market.

In the current year so far, Indian corporates have raised over Rs 50,000 crore through domestic issues. This is close to the record figure of Rs 52,900 crore raised by domestic firms through equity issues in the whole of 2007.