SEBI Approves P N Gadgil Jewellers’ ₹11,000 Million IPO Plan
Pune, 3rd August 2024: P N Gadgil Jewellers Limited, the second-largest organized jewellery retailer in Maharashtra as of January 2024, has received approval from the Securities and Exchange Board of India (SEBI) for its planned initial public offering (IPO).
The IPO consists of a fresh issuance of equity shares with a face value of ₹10 each, amounting to ₹8,500 million, and an offer for sale of equity shares with a face value of ₹10 each, totaling ₹2,500 million. The overall offer size is ₹11,000 million. The offer for sale includes equity shares with a face value of ₹10 each, aggregating up to ₹2,500 million, sold by SVG Business Trust, a promoter selling shareholder.
The proceeds from the IPO will be used to fund the establishment of 12 new stores in Maharashtra, repay or prepay certain borrowings, and for general corporate purposes.
Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited), and BOB Capital Markets Limited are the book-running lead managers for the issue.
