Saurabh Vidyadhar Gadgil, Managing Director, P N Gadgil Jewellers Limited and others at a press conference on the IPO.
PANAJI
The initial public offering (IPO) of PN Gadgil Jewellers will open for bidding on Tuesday, September 10. The jewellery player will be selling its shares in the range of Rs 456-480 per share with a lot size of 31 equity shares and its multiples thereafter. Investors can subscribe to the issue until Thursday, September 12.
Established in 2013, PN Gadgil Jewellers offers a wide range of precious metal/jewelry products including gold, silver, platinum, and diamond jewelry under its brand name ‘PNG’ in various price ranges and designs. The Pune-based company offers its customers the option of having jewelry made to measure. PN Gadgil Jewellers is looking to raise a total of Rs 1,100 crore via IPO, which includes a fresh share sale of Rs 850 crore and an offer-for-sale (OFS) of up to 52,08,333 equity shares amounting to Rs 250 crore by its promoter entity SVG Business Trust. Anchor book for the issue opens on Monday, September 9.
The net proceeds from the issue shall be utilized towards funding expenditure towards setting up 12 new stores in Maharashtra; repayment or pre-payment, in full or part, of certain borrowings availed by the company; and general corporate purposes.
The Company had grown to 33 stores, including 32 stores across 18 cities in Maharashtra and Goa and one store in the US with a total retail space of approximately 95,885 sq. ft.
All stores are operated and managed by the company, with 23 stores owned by the company and 10 stores operated by franchisees under the FOCO (franchisee-owned and company-operated) model.
For the six months ended on September 30, 2023, the company reported a net profit Rs 43.75 crore with a revenue of Rs 2,631.15 crore. The company’s net profit came in at Rs 93.7 crore with a revenue of Rs 4,559.31 crore for the financial year ending on March 31, 2023.
PN Gadgil Jewellers has reserved 50 per cent of the net issue for the qualified institutional bidders, while 15 per cent of the shares have been reserved for non-institutional investors. Retail investors will have 35 per cent of the net offer reserved for them.
Motilal Oswal Investment Advisors, Nuvama Wealth Management and BoB Capital Markets are the book running lead managers of the PN Gadgil Jewellers IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed at the bourses on Tuesday, September 17.
