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Gitanjali Plans IPO For New Firm That Includes Former De Beers Brands

Mumbai-based Gitanjali Gems has bundled its diamond jewellery brands, including three former De Beers labels, into a single entity, Nakshatra World, and filed draft papers with the Securities & Exchanges Board of India (SEBI) to float an initial public offering (IPO) for the new firm.

The Gitanjali filing with SEBI indicates that Nakshatra World will retail the group’s Gili, Diya, Parineeta and Rivaaz jewellery brands as well as the Nakshatra, Asmi and Sangini brands that it acquired from De Beers.

The planned IPO is for 18 million shares of Nakshatra World, and though no value was declared, Gitanjali had stated in December last year that Nakshatra would raise up to ₹650 crore  (about $100 million) through an IPO.

The new company will join a slew of other listed Indian jewellery retailers including PC Jeweller, Tribhovandas Bhimji Zaveri, Tara Jewels, Titan Company (which owns the Tanishq brand), Rajesh Exports and Shree Ganesh Jewellery House.

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