PN Gadgil Jewellers will used the funds raised from the public listing for expanding its current store network and repayment of debt
Mumbai: Maharashtra’s leading regional jewellery retailer P N Gadgil Jewellers Ltd. has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering (IPO).
The Company’s initial public offering comprises a fresh issue of equity shares of face value of Rs 10 each aggregating up to Rs8,500 million and an offer for sale of equity shares of face value of Rs10 each aggregating up to Rs2,500 million. The total offer size comprises of equity shares of face value of Rs10 each aggregating up to Rs11,000 million. The offer for sale comprises of equity shares of face value of Rs10 each aggregating up to Rs2,500 million by SVG Business Trust (Promoter Selling Shareholder).
The funds raised through the IPO are proposed to be utilized for setting up 12 new stores in Maharashtra, repayment or pre-payment, in full or part, of certain borrowings availed by the company; and general corporate purposes.
Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and BOB Capital Markets Limited are the Book Running Lead Managers of the issue.
PNG Jewellers Pvt. Ltd, was founded in 1832 by Purshottam Narayan Gadgil, with a single store in Sangli. Today, it has 35 stores in Maharashtra and Goa.
