P N Gadgil Jewellers IPO: Open/Close Date, Price, Lot Size, Allotment & Subscription

IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

Up to [●] equity shares aggregating up to ₹ 11,000 million

Investor category and sub category

Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) | Eligible employees |

About P N Gadgil Jewellers Limited

P N Gadgil Jewellers Limited, the second-largest organised jewellery player in Maharashtra, maintains remarkable growth and a rich heritage dating back to 1832. With a strong revenue growth of 52.82% between Fiscal 2021 and Fiscal 2023, it stands as one of the fastest-growing jewellery brands in India. Leveraging its legacy, the 'PNG' brand offers a wide range of gold, silver, platinum, and diamond jewellery across various price points and designs, addressing diverse customer needs, including special occasions and everyday wear.

With 33 retail stores across Maharashtra, Goa, and the U.S., P N Gadgil Jewellers ensures consistent product quality and customer service. The company's multi-channel approach, including online marketplaces and a dedicated mobile app, enhances customer engagement and brand visibility. Its deep understanding of customer preferences enables the creation of diverse jewellery collections, such as the Swarajya wedding jewellery line, blending traditional Maharashtrian designs with modern styles.

Despite being heavily reliant on long-term agreements with key customers, P N Gadgil Jewellers continues to excel in financial performance, evident in its impressive EBITDA growth of 56.50% between Fiscal 2021 and Fiscal 2023. The company also achieved the highest increase in Return on Equity (ROE) during the same period, underscoring its efficient utilisation of shareholder funds and profitability.

Industry Outlook:

The global diamond jewellery market, valued at USD 87 billion in 2022, is witnessing stable demand, driven by factors like laboratory-grown diamonds and brand commitment. Emerging technologies like AR (Augmented Reality) are creating new avenues for growth. With stable demand in the global diamond jewellery market and projected growth in branded diamond jewellery, the company can strategically expand its product offerings to include more diamond jewellery collections. By leveraging its expertise and reputation, it can capture a larger share of this growing market segment.
India's gems and jewellery exports soared to US$ 37.73 billion in 2022-23, showcasing a robust performance in the global market. With India ranking first in cut & polished diamonds and second in gold jewellery, silver jewellery, and lab-grown diamonds, P N Gadgil Jewellers Limited stands to benefit from this strong export position. The company can leverage India's reputation as a leading exporter to enhance its brand visibility internationally, potentially opening up new markets and boosting sales abroad.
The gems and jewellery sector in India witnessed a significant increase in foreign direct investment (FDI) inflows, rising by 60.78% in FY22. With the government permitting 100% FDI under the automatic route in this sector, there's a favourable environment for investment and expansion. P N Gadgil Jewellers Limited can capitalise on this favourable policy landscape by attracting foreign investment for business growth, technology adoption, and infrastructure development.

P N Gadgil Jewellers Limited IPO Details

P N Gadgil Jewellers Limited IPO Dates

The exact dates are yet to be announced.

P N Gadgil Jewellers Limited IPO Price Band

The exact price range is yet to be announced.

P N Gadgil Jewellers Limited IPO Lot Size

The exact lot size is not announced yet.

P N Gadgil Jewellers Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

The company plans to utilise a portion of the Net Proceeds, estimated at ₹3,869.76 million, to fund the establishment of 12 new stores in Maharashtra.
The company intends to allocate ₹3,000.00 million towards the repayment or pre-payment of certain borrowings availed by the company.
Allocate the remaining Net Proceeds for general corporate purposes, providing flexibility in operations and investments. This includes activities such as working capital management, technology upgrades, marketing initiatives, and any other strategic investments aimed at enhancing operational efficiency.

Peer Details

The following are the listed peers of P N Gadgil Jewellers Limited:

Kalyan Jewellers India Limited
Senco Gold Limited
Thangamayil Jewellery Limited

How to Check the Allotment Status of the P N Gadgil Jewellers Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of P N Gadgil Jewellers Limited IPO

Registered office: 694, NarayanPeth, Pune, Maharashtra, India–411 030
Phone: +91 2024478474
E-mail:secretarial@pngadgil.com

IPO Financials

Particulars	As at September 30, 2023	Year ending on March 31, 2023	Year ending on March 31, 2022	Year ending on March 31, 2021
Revenue from Operations (in ₹ million)	26,278.49	45,075.19	25,556.34	19,300.63
Profit After Tax (PAT) (in ₹ million)	437.50	937.00	695.15	(67.10)
Cash and Cash Equivalents (in ₹ million)	244.08	175.64	123.83	69.37
Return on Equity (%)	10.28%	25.09%	22.48%	(2.65)%
Return on Capital Employed (RoCE) (%)	10.71%	23.57%	20.83%	8.70%
EBITDA (in ₹ million)	926.43	1,745.20	1,419.83	712.50

Know before investing

Strengths

P N Gadgil Jewellers Limited boasts a well-established and trusted legacy brand in Maharashtra. With 33 stores, the company offers a diverse range of designs and products across gold, diamond, silver, and platinum, catering to various occasions and preferences.
As the second largest organised retail jewellery player in Maharashtra, P N Gadgil Jewellers Limited is strategically positioned for growth. With a focus on expanding its footprint in Tier II and Tier III cities, the company aims to capitalise on the vast market potential in Maharashtra. The Indian jewellery retail sector's expected growth also presents ample opportunities for the company to solidify its market presence.
The company's diverse product portfolio, comprising over 10,000 SKUs in gold, 1,200 SKUs in silver, 2,700 SKUs in platinum, and 24,000 SKUs in diamond jewellery designs, caters to a wide range of customer preferences and price points. Utilising its brand strength and understanding of consumer needs in Maharashtra, P N Gadgil Jewellers Limited curates designs that resonate with local tastes while also appealing to broader consumer segments.
Backed by an experienced senior management team, the company has achieved robust financial growth, evidenced by significant increases in revenue, profit, and operational efficiency over the years. This strong financial performance underscores the company's effective capital utilisation and working capital management.

Risks

Ineffective management or expansion of the retail network, coupled with challenges in executing growth strategies, may lead to underperforming new stores, thereby negatively affecting business prospects, financial stability, and operational results.
Operating in a highly competitive market with established players offering competitive prices based on market trends and customer preferences poses a challenge to "P N Gadgil Jewellers Limited's" market share and profitability.
The company does not own the trademark for its key flagship "PNG" brand, relying instead on permissions from P N Gadgil Jewellers. This dependency poses a risk to the company's branding and licensing flexibility.
With a primary focus on Maharashtra and significant revenue reliance on the top five stores in the region, any adverse developments affecting this area could negatively impact the company's business prospects, financial condition, and operational results.