PN Gadgil Jewellers Ltd. has set a price band of Rs 456 to Rs 480 per share for its initial public offering that will open on Sept. 10 and close on Sept. 12. The company seeks to raise Rs 1,100 crore from the primary market. The anchor book issue will be open for subscription on Sept. 6.
The Pune-based company's initial share-sale is a combination of fresh issue of equity shares worth Rs 850 crore and an offer for sale of equity shares worth Rs 250 crore, according to the draft IPO papers filed with the Securities and Exchange Board of India.
Promoter SVG Business Trust will offload shares through the OFS route.
Of the IPO proceeds, Rs 386 crore will be used for setting up 12 new stores in Maharashtra and Rs 300 crore for repaying debt, while the remaining funds will be kept for general corporate purposes.
Motilal Oswal Investment Advisors Ltd., Nuvama Wealth Management Ltd., and BoB Capital Markets Ltd. will be the merchant bankers for the issue. The equity shares are proposed to be listed on the BSE and the NSE on Sept. 18.
The anchor book issue will open on Sept. 9.
PN Gadgil Jewellers designs and sells a wide range of jewellery products including gold, silver, platinum and diamond jewellery, across various price points under the PNG brand.
As of Dec. 31, 2023, it operated 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 square feet. Of these, 23 are directly owned stores and 10 franchisee stores.
The new stores will be set up in the next two years as a mix of large format and medium format stores, depending on business requirements and estimates of management.
The company's revenue from operations stood at Rs 451 crore, while net profit was at Rs 93 crore in fiscal 2023. Its operating margin stood at 3.8%.
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