P N Gadgil Jewellers has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 1,100 crore through an initial public offering (IPO). The company’s proposed IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by a promoter SVG Business Trust.
Of the IPO proceeds of Rs 850 crore, a total of Rs 387 crore will be utilised for the funding of expenditure towards setting up of 12 new stores in Maharashtra, Rs 300 crore for payment of debt, besides a portion will also be used for general corporate purposes. Motilal Oswal Investment Advisors, Nuvama Wealth Management and BOB Capital Markets are the book running lead managers to the issue.
P N Gadgil Jewellers is the second-largest among the prominent organised jewellery players in Maharashtra in terms of the number of stores as on January 2024.
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