The offering consists of fresh equity and an offer for sale (OFS), each with a face value of Rs 10 per share. The fresh issue contains shares worth up to Rs 8,500 million, while the OFS contains shares worth up to Rs 2,500 million, offering a total value of Rs 11,000 million.
SVG Business Trust, the Promoter Selling Shareholder, is offering equity shares with a face value of Rs 10 each worth up to Rs 2,500 million.
In the context of a number of stores, P. N. Gadgil Jewellers ranked as the second-biggest organized jewelry company in Maharashtra in January 2024. The capital raised through the IPO is planned to be used for repaying or prepaying some of the company’s borrowings, setting up 12 new stores in Maharashtra, and for general corporate purposes.
The book-running lead managers for the issue are BOB Capital Markets Limited, Nuvama Wealth Management Limited (previously known as Edelweiss Securities Limited), and Motilal Oswal Investment Advisors Limited.
PN Gadgil Jewellers expects that the IPO will strengthen its market position and support its plans to expand all across Maharashtra.
