Pune-based PN Gadgil Jewellers has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO).
The company’s IPO comprises a fresh issue of equity shares of face value of Rs 10 each aggregating up to Rs 850 crore and an offer for sale of equity shares of face value of Rs 10 each aggregating up to Rs 250 crore.
The total offer size aggregates up to Rs 1,100 crore. The funds raised through the IPO will be utilised for the funding of expenditure towards setting up 12 new stores in Maharashtra, repayment or prepayment, in full or part, of borrowings and general corporate purposes.
PN Gadgil is the second-largest organised jeweller in Maharashtra in terms of number of stores as of January 2024.