The company’s IPO includes a fresh issue of shares worth Rs 850 crore and an offer for sale of Rs 250 crore. Under the IPO, promoter SVG Business Trust will sell part of the equity.
It is proposed that the funds raised through the IPO be used to: funds of expenses for setting up 12 new stores in Maharashtra, repayment of debts and other general corporate purposes.
PN Gadgil Jewellers is the second largest among the leading organised jewellery players in Maharashtra in terms of number of stores as of January 2024.
The company is also the fastest growing jewellery brand among the major organised jewellery players in India, based on revenue.
growth between FY21 and FY23.
PN Gadgil achieved a EBITDA growth of 56.5% between FY21 and FY23, as well as the highest revenue per square foot in FY23, which was the highest among major organized jewellery players in India.
The company has expanded to 33 stores, including 32 stores across 18 cities in Maharashtra and Goa and one store in the US with a total retail area of approximately 95,885 sq ft, as of December 2023.
Additionally, Gadgil also launched its mobile app “PNG Jewellers” in March 2022, which enables them to keep customers updated about new designs and collections and familiarize them with the product portfolio.
In FY23, the company’s operating revenue increased 76% year-on-year to Rs 4,507 crore and profit after tax increased by 35% to Rs 94 crore. For the period ended September 2023, revenue from operations stood at Rs 2,628 crore and PAT stood at Rs 437 crore.
Motilal Oswal Investment Advisors, Nuvama Asset Management (formerly Edelweiss Securities) and BOB Capital Markets are the brokerage firms
executing the leading administrators on the subject.
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