At current, SVG Enterprise Belief holds 99.9 per cent stake in P N Gadgil Jewellers. (Consultant picture)
Jewelry retail chain P N Gadgil Jewellers has filed preliminary papers with Sebi to boost Rs 1,100 crore by way of an IPO
Jewelry retail chain P N Gadgil Jewellers Ltd has filed preliminary papers with capital markets regulator Sebi to boost Rs 1,100 crore by way of 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 problem of fairness shares value as much as Rs 850 crore and a proposal on the market (OFS) of fairness shares to the tune of Rs 250 crore by a promoter SVG Enterprise Belief, in response to the draft pink herring prospectus (DRHP).
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At current, SVG Enterprise Belief holds 99.9 per cent stake in P N Gadgil Jewellers.
IPO Function
Of the IPO proceeds of Rs 850 crore, a complete of Rs 387 crore will likely be utilised for the funding of expenditure in the direction of organising of 12 new shops in Maharashtra, Rs 300 crore for fee of debt, apart from a portion can even be used for normal company functions.
As on February 29, 2024, the corporate had complete excellent borrowings of Rs 377.45 crore, as per the draft papers filed final week.
About The Firm
P N Gadgil Jewellers Ltd is among the many distinguished 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 corporate has additionally launched its cellular software “PNG Jewellers” in March 2022.
Motilal Oswal Funding Advisors Ltd, Nuvama Wealth Administration Ltd (previously referred to as Edelweiss Securities Ltd) and BOB Capital Markets Ltd are the guide working lead managers to the difficulty.
What Is IPO?
IPO stands for Preliminary Public Providing. It’s the method when a personal firm presents 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)
