Indian jewellery retailer Tribhovandas Bhimji Zaveri Ltd will launch an initial public offering (IPO) of shares on April 24,according to newspaper advertisements on Tuesday,a deal that sources said aims to raise up to 2 billion rupees ($39 million).
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IDFC Capital and Avendus are book running lead managers for the issue,the advertisement said. The offering will close on April 26.
Tribhovandas,which sells gold and diamond jewellery,currently has 14 showrooms across India,according to its website.