Emerald Jewel, one of Asia’s largest jewelry manufacturers and the leader in the Indian market, has reportedly confirmed its intention to go public. With a valuation of $300 million, it could well be the largest IPO in the country for the sector.
Specializing in jewelry and precious metals such as gold and silver, Emerald Jewel Industry India Ltd. (Emerald) is feeling confident.
The South Indian company, based in the city of Coimbatore (Tamil Nadu state), has sought advice from Axis Bank Ltd., Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd for the sale of the proposed shares. Other entities may also join the fray.
According to sources close to the matter, the offering is expected to include a mix of primary and secondary shares, with the transaction expected to take place later this year.
European expansion made easier
Following the signing at the end of January of a historic free trade agreement between the world’s largest democracy and the European Union, against the backdrop of the US trade war, Indian gemstone and jewelry exporters will be able to enter the Old Continent duty-free.
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