At current, SVG Business Trust holds 99.9 per cent stake in P N Gadgil Jewellers. (Representative picture)
Jewellery retail chain P N Gadgil Jewellers has filed preliminary papers with Sebi to boost Rs 1,100 crore by an IPO
Jewellery retail chain P N Gadgil Jewellers Ltd has filed preliminary papers with capital markets regulator Sebi to boost Rs 1,100 crore by an preliminary public providing (IPO) to fund its growth and pare debt.
The Maharashtra-based firm’s proposed IPO is a mixture of a recent concern of fairness shares price as much as Rs 850 crore and a suggestion on the market (OFS) of fairness shares to the tune of Rs 250 crore by a promoter SVG Business Trust, in keeping with the draft purple herring prospectus (DRHP).
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At current, SVG Business Trust holds 99.9 per cent stake in P N Gadgil Jewellers.
IPO Purpose
Of the IPO proceeds of Rs 850 crore, a complete of Rs 387 crore will probably be utilised for the funding of expenditure in direction of establishing of 12 new shops in Maharashtra, Rs 300 crore for fee of debt, in addition to a portion will even be used for basic company functions.
As on February 29, 2024, the corporate had whole excellent borrowings of Rs 377.45 crore, as per the draft papers filed final week.
About The Company
P N Gadgil Jewellers Ltd is among the many outstanding organised jewelry gamers in Maharashtra, by way of the variety of shops as on January 2024.
The ‘PNG’ model derives its legacy from the ‘P N Gadgil’ model, which has a heritage relationship again to 1832 and a legacy of over a century.
As on December 31, 2023, the corporate expanded to 33 shops, which incorporates 32 shops throughout 18 cities in Maharashtra and Goa and one retailer within the US.
The firm has additionally launched its cellular utility “PNG Jewellers” in March 2022.
Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd (previously often called Edelweiss Securities Ltd) and BOB Capital Markets Ltd are the ebook operating lead managers to the difficulty.
What Is IPO?
IPO stands for Initial Public Offering. It’s the method when a personal firm affords its shares to the general public for the primary time. This lets the corporate increase cash by promoting inventory and changing into a publicly traded firm.
Investing in IPOs additionally comes with dangers. It’s essential to do your analysis earlier than investing in any IPO.
(With PTI inputs)
