Pune: P N Gadgil Jewellers Limited, the second largest among the prominent organised jewellery players in Maharashtra, in terms of the number of stores as on January 2024, which is the largest market for BIS-registered outlets in India market has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering (IPO).

The Company’s initial public offering comprises a fresh issue of equity shares of face value of ₹ 10 each aggregating up to ₹ 8,500 million and an offer for sale of equity shares of face value of ₹ 10 each aggregating up to ₹ 2,500 million.

The total offer size comprises of equity shares of face value of ₹ 10 each aggregating up to ₹ 11,000 million. The offer for sale comprises of equity shares of face value of ₹ 10 each aggregating up to ₹ 2,500 million by SVG Business Trust (Promoter Selling Shareholder).

The funds raised through the IPO are proposed to be utilized for the funding of expenditure towards setting-up of 12 new stores in Maharashtra, repayment or pre-payment, in full or part, of certain borrowings availed by the Company; and general corporate purposes.

Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and BOB Capital Markets Limited are the Book Running Lead Managers to the issue.