PN Gadgil Jewelers Ahead of IPO From Anchor Investors Rs. 330 crore collected

PN Gadgil Jewelers had allotted 68.74 lakh shares to 25 anchor investors ahead of the issue on Tuesday, raising Rs. 330 crore has been collected.

Share Rs. The shares were allotted at the upper end of the price band of 480 per share. Out of the total anchor book, around 33.54 lakh shares were allotted to 10 domestic mutual funds through a total of 18 schemes.

Marquee anchor investors participating in the anchor round include HDFC MF, Tata MF, Edelweiss MF, LIC MF, Invesco India, Citigroup.

The IPO of the company was Rs. 850 crore new equity issue and Rs. 250 crores included in the sale offer. Under OFS, the promoter will offload the SVG business trust part equity.

The funds raised through the IPO are proposed to be used to fund expenses for setting up 12 new stores in Maharashtra, repayment of debt and other general corporate purposes.

PN Gadgil Jewelers ranks second among the leading organized jewelery players in Maharashtra in terms of number of stores as of January 2024. Based on revenue, the company is also the fastest growing jewelery brand among the major organized jewelery players in India.
Growth between FY21 and FY23.

The company expanded to 33 stores, including 32 stores in 18 cities in Maharashtra and Goa and one store in the US by December 2023, with an aggregate retail area of ​​approximately 95,885 square feet.

PN Gadgil achieved EBITDA growth of 56.5% between FY21 and FY23 as well as the highest revenue per sq ft in FY23, the highest among major organized jewelery players in India.

In FY23, the company’s revenue from operations grew 76% year-on-year to Rs. 4,507 crore and profit after tax increased by 35% to Rs. 94 crores. For the year ended March 2024, income from operations stood at Rs. 6110 crore and PAT was Rs. 154 crores.

Motilal Oswal Investment Advisors, Nuwama Wealth Management (formerly Edelweiss Securities) and BOB Capital Markets are the lead managers of the issue.