PN Gadgil Jewellers announces Rs 456-480 price band for Rs 1,100 crore IPO. Check details
The issue will open for subscription on September 10 and close on September 12. The anchor bidding will start on September 9.
The company’s IPO comprises a fresh equity issue of Rs 850 crore and an offer for sale of Rs 250 crore. Under the OFS, promoter SVG Business Trust will offload part equity.
The funds raised through the IPO are proposed to be utilised for the funding of expenditure towards setting up 12 new stores in Maharashtra, repayment of the debt, and other general corporate purposes.
PN Gadgil Jewellers is the second largest among the prominent organised jewellery players in Maharashtra in terms of the number of stores as on January 2024.
The company is also the fastest-growing jewellery brand amongst the key organized jewellery players in India, based on the revenue growth between FY21 and FY23.
PN Gadgil achieved an EBITDA growth of 56.5% between FY21 and FY23 as well as the highest revenue per square feet in FY23, which was the highest among the key organised jewellery players in India.
The company expanded to 33 stores, which includes 32 stores across 18 cities in Maharashtra and Goa and one store in the US with an aggregate retail area of approximately 95,885 sq ft, as of December 2023.
Also read: Aarti Industries bets big on large deals, capacity expansion amid bleak short term prospects
Additionally, Gadgil has also launched their mobile application «PNG Jewellers» in March 2022, which allows them to keep customers updated on new designs and collections and familiarize them with the
