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(L-R) – Mr. Siddharth Shah (Director, Nuvama Wealth Management Limited, Formerly Known As Edelweiss Securities Limited), Mr. Tanmay Jagdale (AVP – Investment Banking, Motilal Oswal Investment Advisors Limited), Mr. Saurabh Vidyadhar Gadgil (Managing Director, P N Gadgil Jewellers Limited), Mr. Kiran Prakash Firodiya (Executive Director And Chief Financial Officer, P N Gadgil Jewellers Limited) and Mr. Sanjiv Saraff (Joint Managing Director, Bob Capital Markets Limited) at the press conference in connection to P N Gadgil Jewellers Limited Initial Public Offering (IPO).

Mr. Saurabh Vidyadhar Gadgil, Managing Director, P N Gadgil Jewellers Limited at the press conference in connection to P N Gadgil Jewellers Limited Initial Public Offering (IPO).

MUMBAI, 5th SEPTEMBER, 2024 (GPN): P N Gadgil Jewellers Limited have fixed the price band for their Rs. 1,100 crore IPO in the range of Rs. 456 to Rs. 480 per equity share of the face value of Rs. 10. The P N Gadgil Jewellers IPO date of subscription is scheduled for Tuesday, September 10, and will close on Thursday, September 12. The allocation to anchor investors for the P N Gadgil Jewellers IPO is scheduled to take place on Monday, September 9.

The issue size would consist of an offer by SVG Business Trust to sell up to Rs. 250 crore and a fresh issue of Rs. 850 crore.

The floor price and the cap price are 45.60 times and 48 times the face value of the equity shares respectively. The P N Gadgil Jewellers IPO lot size is 31 equity shares and in multiples of 31 equity shares thereafter.

P N Gadgil Jewellers IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

P N Gadgil Jewellers basis of allotment of shares for the IPO will be finalised on Friday, September 13, and the company will initiate refunds on Monday, September 16, while the shares will be credited to the demat account of allottees on the same day following refund. P N Gadgil Jewellers share price is likely to be listed on BSE and NSE on Tuesday, September 17.

Founded in 2013, P N Gadgil Jewellers Limited provides a broad selection of jewelry and precious metal goods, such as gold, silver, platinum, and diamond jewelry, in a range of price points and styles under the “PNG” brand.

By December 31, 2023, the company will have eight sub-brands—Saptam, Swarajya, Rings of Love, The Golden Katha of Craftmanship, Flip, Litestyle, Pratha, and Yoddha—offering gold jewellery collections for different occasions; two sub-brands—Eiina and PNG Solitaire—offering diamond jewellery collections; and two sub-brands—Men of Platinum and Evergreen Love—offering platinum jewellery collections. Customers of the business can also choose to have jewellery crafted to measure.

In the fiscal year 2023, the revenue reached Rs. 4,507.5 crore, marking a 76.4% growth compared to the previous year. Meanwhile, the EBITDA (earnings before interest, tax, depreciation and amortisation) saw a 10.3% increase to Rs. 122.7 crore, but the margin decreased by 163 bps to 2.72% during the same period. As for the six-month period ending in September FY24, the net profit was Rs. 43.75 crore, achieved on a revenue of Rs. 2,627.8 crore.

As per the Draft Red Herring Prospectus (DRHP), the company’s listed peers are Kalyan Jewellers India Ltd (with a P/E of 91.71), Senco Gold Ltd (with a P/E of 33.88), and Thangamayil Jewellery Ltd (with a P/E of 20.79).

The jewellery firm plans to use Rs. 300 crore to pay off debt and plans to utilize Rs. 387 crore of the proceeds from the new issuance to open 12 shops in Maharashtra by FY26. The leftover cash will be used for routine business needs. As of February 29, the company’s debt was Rs. 377.45 crore.

Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and Bob Capital Markets Ltd are the Book Running Lead Managers (BRLM’s) and Bigshare Services Pvt Ltd is the registrar for the issue.

The RHP is available on the website of the SEBI at www.sebi.gov.in, on the websites of the Stock Exchanges i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.pngjewellers.com and the websites of the Book Running Lead Managers, i.e. Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and BOB Capital Markets Limited at www.motilaloswalgroup.com, www.nuvama.com and www.bobcaps.in, respectively.

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P N GADGIL JEWELLERS LIMITED Rs. 1,100 Cr IPO TO OPEN ON TUESDAY, SEPTEMBER 10, 2024 PRICE BAND FIXED AT Rs. 456 – 480 PER SHARE

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