Emerald Jewel Industry India Ltd., one of the country’s largest jewellery manufacturers, is weighing an initial public offering that could raise as much as $300 million, according to people familiar with the matter, potentially paving the way for India’s biggest listings in the sector.

The Coimbatore-based company has appointed Axis Bank Ltd., Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. as advisers for the proposed share sale, the people said, asking not to be identified because the discussions are private. Additional advisers may be added at a later stage, they said.

The offering is expected to include a mix of primary shares and a secondary sale by existing investors, with the transaction likely to take place later this year, some of the people said. Key details, including the timing, structure and size of the deal, may still change, they added.

Founded in 1984 by K. Srinivasan, Emerald operates retail jewellery stores under the JewelOne brand across southern India. The company has more than 5,000 employees, runs 13 retail outlets across multiple states, works with 82 distributors nationwide, and operates design centres in Coimbatore, Mumbai, Delhi and Dubai, according to its website.

Courtesy : BLOOMBERG