MK Sons Fine Jewels files IPO papers with Sebi

New Delhi, May 12 (PTI) MK Sons Fine Jewels Ltd has filed preliminary papers with the markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of up to 1.36 crore equity shares and an offer-for-sale (OFS) of up to 34 lakh equity shares by promoter shareholder Ramchand Murlidhar Raimalani, according to the draft red herring prospectus (DRHP) filed on Monday.

Proceeds from the fresh issue will be used for setting up a new showroom in Maharashtra, expanding an existing showroom in Gujarat, repayment or prepayment of certain borrowings and general corporate purposes, as per the DRHP.

The company, incorporated in 2012, is engaged in designing, manufacturing and retailing fine jewellery. It offers a range of gold, diamond and cubic zirconia (CZ) jewellery through its network of company-owned stores.

MK Sons Fine Jewels currently operates five showrooms across Mumbai and Ahmedabad, catering to customers with contemporary and bridal jewellery collections.