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Shenoa feels ripe for an IPOBy Rajesh Kumar, Section News
With its strong earnings, online diamond jewellery company Shenoa & Co says that the conditions are right for the company to go public. In Q2, the company's earnings were recorded at US$3 million.
According to Leon Bitelman, CEO of Shenoa, the company's solid earnings are more than companies in the past that have gone public. "We are actually healthier financially than our competitors that have already gone public," he said.
Founded in 1980, Shenoa offers a complete line of diamond jewellery, including diamond earrings and loose diamonds on the company web site at ShenoaDiamonds.com.
While Shenoa has not yet filed its intentions with US Securities and Exchange Commission (SEC) and has not disclosed how much it intends to raise from the IPO or the amount of shares or initial selling price, it is dead set for a public listing. "Right now we're focusing on building on our solid financials, finding new sources of diamonds and positioning ourselves for an IPO," says Mr Bitelman. "When we're ready to go public we'll make sure the government and investors know about it."
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