Mumbai-based retail jewellery company M K Sons Fine Jewels has fixed price band for its upcoming maiden public issue at Rs 153-162 per share, seeking valuation of Rs 912 crore.
The company approached capital markets to raise Rs 275.4 crore via initial public offering (IPO) of 1.7 crore equity shares, which included fresh issue of 1.36 crore equity shares worth Rs 220.32 crore at the upper end of price band.
Further, promoter Ramchand Murlidhar Raimalani will sell 34 lakh shares worth Rs 55.08 crore via offer-for-sale.
The company will open its IPO for public subscription on October 28 and close on October 30, while the anchor book for a day will open on October 27.
M K Sons Fine Jewels offers gold, diamond and Cubic Zirconia jewellery through own chain of retail showrooms. Currently it operates three showrooms in Mumbai and two showrooms in Ahmedabad.