P N Gadgil Jewellers Announces Rs 1100 Cr IPO Launch
The public issue of P N Gadgil Jewellers is a mix of fresh issue of Rs 850 crore and an offer for sale of Rs 250 crore.
By : Ravi Ranjan Prasad
Update: 2024-09-05 13:19 GMT
Mumbai: Pune based P N Gadgil Jewellers, the second largest jeweller in Maharashtra with almost 200 years legacy, announced Rs 1100 crore initial public offering opening on Sept. 10.
The price band for the public offer has been set at Rs 456 to Rs 480 per equity share of Rs 10 face value. The public issue closes on Sept.12, 2024.
The public issue of P N Gadgil Jewellers is a mix of fresh issue of Rs 850 crore and an offer for sale of Rs 250 crore.
P N Gadgil Jewellers started operations in 1832 from Sangli in Maharashtra as a family business and then set up store in Pune in 1958. Currently the company is headed by Saurabh Vidyadhar Gadgil, sixth generation in the family.
The company has 39 retail stores across 21 cities in Maharashtra, Goa and one store in the US.
The company has also started selling jewellery online from FY 21-22 and online sales have grown to Rs 111.63 crore in FY 2023-2024 out of total revenue of Rs 6,110 crore..
The net proceeds from the fresh issue will be used for setting -up 12 new retail stores in Maharashtra( Rs 392.56 crore), payment of certain borrowings( Rs 300 crore) and general corporate purposes.
Company's focus is on growing business in under served markets in Maharashtra, especially Tier II and Tier III towns to cater to demand supply gap in such markets, as per the offer document.