Advit Jewels files IPO draft papers

New Delhi: Advit Jewels has filed draft papers with capital markets regulator Sebi to mobilise funds through its maiden public offering.

The Jaipur-based company’s proposed IPO is a com-pletely fresh issue of 1.38 crore equity shares with no Offer For Sale (OFS) component.

Pro-ceeds from the public issue worth Rs 65 crore will be utilised for working capital requirements of the company, another Rs 65 crore for payment of debt and the rest for general corporate purposes, according to the Draft Red Herring Prospectus (DRHP) dated September 30.

Incorpo-rated in 2019, the company is a manufacturer and seller of traditional and contemporary hand-crafted fine jewellery, specialising in Kundan, Polki, diamond and studded pieces. Its brand name is Rambhajo.