PC Jeweller, which is planning to launch its initial public offer (IPO), has opened 10 new showrooms in north India at an investment of about Rs 350 crore in the last one year.
In September last year, the company had filed its draft red herring prospectus (DRHP) with market regulator SEBI to raise over Rs 500 crore for expansion and working capital requirement.
PC Jeweller had 20 showrooms across the country at the time of filing the IPO document.
In the last one year, the company has already added 10 new showrooms to expand its presence pan-India, sources said.
PC Jeweller has plans to add another 20 showrooms by utilising funds raised through public offer, they said, adding that the number of showrooms would reach 50 by end of 2013-14 financial year.
Out of ten new showrooms, four are in the national capital, two each in Uttar Pradesh and Rajasthan and one each in Haryana and Punjab. These ten showrooms are of large format with a total area of 53,401 sq ft.
The company spokesperson declined to comment.
PC Jeweller, which offers wide range of products with a focus on diamond jewellery, had posted a turnover of about Rs 3,000 crore in the 2011-12 fiscal.
At present, diamond jewellery contributes about 30 per cent to the topline and the company expects the same to reach at 50 per cent in the next three years.
PC Jeweller got SEBI's nod to launch its IPO, comprising of 45,133,500 shares of Rs 10 each.
The shares are proposed to be listed on the National Stock Exchange (NSE) and the BSE. The book running lead managers to the IPO are SBI Capital Markets and Kotak Mahindra Capital Company and the co-book running lead manager is IDBI Capital Market Services.