Mumbai: P N Gadgil Jewellers Limited proposes to open its Initial Public Offering (IPO) with equity shares priced at Rs 456 to Rs 480 per share — aggregating to Rs 1,100 crores — that will open on September 10, 2024 and close on September 12, 2024.
The Equity Shares are proposed to be listed on BSE and NSE. Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited and BOB Capital Markets Limited are the book running lead managers to the Offer.
Dr Saurabh Gadgil, Chairman and Managing Director, P N Gadgil Jewellers Limited, said that the funds raised through this IPO are proposed to be utilized for: funding expenditure towards setting up of 12 new stores in Maharashtra, repayment/prepayment, in full or part, of certain borrowings availed by the Company, and general corporate purposes.
Highlighting the Company’s beginnings since 1832, he said its FY24 figures were: Revenue from Operations Rs 61+ billion, EBITDA Rs 2.7 billion, and PAT Rs 1.5 billion.
Gadgil said that increasing middle class focus towards — and higher consumer spending on– jewellery witnessed this Indian retail market growing by 16% annually, while also ensuring India remaining no 2 globally after China in this regard.
Noting that the jewellery segment was now moving towards organized retail, he said 25% of this business came from India’s Western region itself, while 30% of the company’s business came from the “made-to-order segment.”
“While Bollywood’s Madhuri Dixit is our brand ambassador, our 2-year plan is for expansion in Maharashtra and along the +Peshwa+ route through Central India towards Delhi,” he said while pointing out that the company also has a store in the U.S.A.
“India is a gold-loving country and we are making benchmark achievements in Maharashtra while also working on wafer-thin stock levels. Online revenues are highlighting huge potential and are a major tool in our strategy,” he noted.
“We are looking at a step-by-step approach locally, nationally and then globally. We will follow up with our growth as per our vision and method of operating,” he said, adding that their U.S.-based store is doing good while catering to the Indian diaspora there.”
“We plan to explore the Middle East market and study that before we take a decision,” he told the Financial World correspondent to a question about the big Indian players there.
