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 is the second leading organized jewelery player 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.
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.
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.
Additionally, Gadgil also launched their mobile app “PNG Jewellers” in March 2022, which allows them to keep customers updated about new designs and collections and familiarize them with the product portfolio.
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 period ended September 2023, income from operations was Rs. 2,628 crore and PAT was Rs. 4.37 crores.
Motilal Oswal Investment Advisors, Nuwama Wealth Management (formerly Edelweiss Securities) and BOB Capital Markets are the book.
The lead manager runs on this issue.
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