Upcoming IPO, May 2 -- Priority Jewels, a Mumbai-based fine jewellery manufacturer, filed draft papers with the stock market regulator Securities and Exchange Board of India (SEBI), seeking approval to launch its initial public offer (IPO).

While Priority Jewels did not disclose the IPO size, the draft red herring prospectus (DRHP) showed the issue will entirely be a fresh issue of up to 54,00,000 equity shares of Rs.10 each.

The company plans to use the proceeds from the fresh issue to the extent of Rs.75 crore for repayment/pre-payment, in full or part, of certain borrowings availed by the company, and the remaining for general corporate purposes.

In the Priority Jewels IPO, not more than 50% of the net offer is allocated to qualifie...