P N Gadgil Jewellers Limited (PNG), the second largest among the prominent organised jewellery players in Maharashtra, in terms of the number of stores as on January, 2024, which is the largest market for BIS- registered outlets in India has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The Company’s initial public offering comprises a fresh issue of equity shares of face value of Rs 10 each aggregating up to Rs 8,500 million and an offer for sale of equity shares of face value of Rs 10 each aggregating up to Rs 2,500 million. The total offer size comprises of equity shares of face value of Rs 10 each aggregating up to Rs 11,000 million. The offer for sale comprises of equity shares of face value of Rs 10 each aggregating up to Rs 2,500 million by SVG Business Trust (Promoter Selling Shareholder).
The funds raised through the IPO are proposed to be utilized for the funding of expenditure towards setting-up of 12 new stores in Maharashtra, repayment or pre-payment, in full or part, of certain borrowings availed by the Company; and general corporate purposes.
Promoter, Saurabh Vidyadhar Gadgil, is a sixth generation entrepreneur and has over 25 years of experience in the jewellery manufacturing industry in India. As the managing director of the Company, he has been instrumental in transforming the traditional family business into a contemporary brand.
Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and BOB Capital Markets Limited are the Book Running Lead Managers to the issue.
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