- The IPO comprises a fresh issue of ₹850 crore and an offer for sale of ₹250 crore, with a price band of ₹456 to ₹480 per share.
P N Gadgil Jewellers reported strong financials in 2023, with revenue growing to ₹4,559.31 crore, up from ₹2,586.31 crore in 2022.
BILKULONLINE
Ahmedabad, Sep 8: P N Gadgil Jewellers Ltd., a leading name in the Indian jewellery industry, is poised to make its mark on the stock market with a much-anticipated ₹1,100 crore Initial Public Offering (IPO). The IPO, slated to open on September 10, 2024, and close on September 12, 2024, marks a significant milestone for the Pune-based jeweller, known for its heritage and premium jewellery collections.
The IPO comprises a fresh issue of ₹850 crore and an offer for sale (OFS) of ₹250 crore, amounting to 22.92 million equity shares. With a price band set between ₹456 and ₹480 per share, investors will have a chance to participate in the company’s next phase of growth. The company plans to list its shares on the BSE and NSE, with the listing date scheduled for September 17, 2024.
Solid Financial Performance
P N Gadgil Jewellers has reported strong financial growth in recent years. The company’s revenue surged to ₹4,559.31 crore in 2023, up from ₹2,586.31 crore in 2022. The net profit also witnessed a robust increase, rising to ₹93.7 crore in 2023 from ₹69.52 crore the previous year. This solid financial performance has attracted considerable investor interest, with experts recommending long-term investment in the IPO.
Expanding Retail Footprint and Product Offerings
Founded in 2013, P N Gadgil Jewellers offers a wide array of jewellery products, including gold, silver, platinum, and diamond collections under the renowned “PNG” brand. The company operates 33 stores across 18 cities in Maharashtra, Goa, and the U.S., with a total retail space of 95,885 square feet. The store formats range from small boutiques to large showrooms, catering to diverse customer needs.
- The temple jewellery fame P N Gadgil jewellers operate under a franchisee-owned and company-operated (FOCO) model, with 23 company-run stores and 10 franchisee stores. By expanding its presence and product lines, P N Gadgil Jewellers has cemented its position in the luxury jewellery market. The brand’s exclusive collections like Saptam, Swarajy, and Yoddha for gold jewellery, along with Eiina and PNG Solitaire for diamond jewellery, have garnered a loyal customer base.
IPO Structure and Investor Allocation
The IPO is structured with 35% reserved for retail investors, 50% for qualified institutional buyers (QIB), and 15% for high-net-worth individuals (HNI). The book-running lead managers for the IPO are Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, and Bob Capital Markets Limited, with Bigshare Services Pvt Ltd acting as the registrar.
Prominent figures within the company include Chairman and Whole-time Director Govind Gadgil, who brings over 40 years of experience in the jewellery industry, and Whole-time Director Renu Gadgil, who has played a pivotal role in the company’s recent growth.
With a strong financial track record, a well-established brand, and an expanding retail footprint, P N Gadgil Jewellers Ltd. is set to capture significant attention from both retail and institutional investors in its upcoming IPO. The company’s listing on the stock exchange is expected to mark the beginning of a new era of growth and expansion for the heritage jewellery brand.
Dr. Saurabh Vidyadhar Gadgil, Chairman and Managing Director of P N Gadgil Jewellers, is the sixth-generation leader of one of Maharashtra’s most prestigious jewellery businesses, renowned across India and globally, with a showroom in the United States. He, along with Radhika Saurabh Gadgil and the SVG Business Trust, helm the company’s legacy.
During the IPO announcement, Dr. Saurabh Gadgil was joined by CA Kiran Firodiya, Executive Director & Group CFO, and Sanjiv Saraff, Joint Managing Director of BOB Capital Markets, the bankers for the IPO. They shared key insights into the public offering.
(Disclaimer: Investors must thoroughly study the company profile and details before investing)