PN Gadgil Jewellers files DRHP

PN Gadgil Jewellers Limited, a leading jeweller in Maharashtra, has filed its draft red herring prospectus (DRHP) with SEBI. 

The company’s initial public offering comprises a fresh issue of equity shares of face value ₹10 each, aggregating to ₹850 crore, and an offer for sale of equity shares of face value ₹10 each, aggregating to ₹250 crore. , by SVG Business Trust (promoter selling shareholder).

The funds raised are proposed to be used towards setting up 12 new stores in Maharashtra; repayment or pre-payment, in full or part, of certain borrowings by the company; and general corporate purposes.

The company achieved an EBITDA growth of 56.50 per cent between FY21 and FY23.

As on December 31, 2023, the company has 32 stores across 18 cities in Maharashtra and Goa, and one store in the US, with an aggregate retail area of 95,885 sq ft. Ten of the stores are operated by franchisees.