Daily News
PN Gadgil Jewellers gets SEBI’s nod for Rs 1,100-crore IPO
The funds raised through the IPO are advanced to be utilized for the expenditure towards establishment of 12 new stores in Maharashtra, repayment or pre-payment, in full or part, of borrowings availed by the company
Mumbai: P N Gadgil Jewellers Ltd has received the green light from the Securities and Exchange Board of India (Sebi) to launch its Initial Public Offering (IPO). The company is set to raise Rs 1,100 crore through the IPO, which includes a fresh issue of equity shares worth up to Rs 850 crore and an Offer for Sale (OFS) of equity shares amounting to Rs 250 crore by SVG Business Trust, a promoter entity.
The company’s initial public offering includes a fresh issue of equity shares with a face value of Rs 10 each, totaling up to Rs 8,500 million, and an offer for sale of equity shares with a face value of Rs 10 each, amounting to Rs 2,500 million.
The total offer size comprises equity shares with a face value of Rs 10 each, aggregating up to Rs 11,000 million.
According to the draft prospectus, the proceeds from the fresh issue will be used to fund the establishment of 12 new stores in Maharashtra, repay Rs 300 crore of debt, and cover general corporate purposes.
The IPO, which is part of a broader trend of companies seeking to tap into public markets, comes after P N Gadgil Jewellers filed its preliminary IPO papers between March and April this year and received Sebi’s observation letter between July 22-26. This approval marks a significant milestone for the company as it prepares to list on both the BSE and NSE, further expanding its market presence.
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