About P N Gadgil Jewellers
Established in 2013, P N Gadgil Jewellers offers a wide range of precious metal/jewellery products including gold, silver, platinum, and diamond jewellery, across various price points and designs under its flagship brand ‘PNG’ and various sub-brands like Litestyle, Saptam, Swarajya, Rings of Love, Flip, Pratha and Yoddha, etc. catering to various jewellery collections for different occasions like weddings, engagements, anniversaries and festivals, as well as everyday wear jewellery. As of December 31, 2023, The company had expanded to 33 stores, which includes 32 stores across 18 cities in Maharashtra and Goa and one store in the U.S. with an aggregate retail area of approximately 95,885 sq. ft.
Issue size
| Funds Raised in the IPO |
Amount |
| Overall |
₹1,100.00 crores |
| Fresh Issue |
₹850.00 crores |
| Offer for sale |
₹250.00 crores |
Utilisation of proceeds
| Purpose |
INR crores (%) |
| Debt reduction |
300 (35.3%) |
| Setting up of 12 new Stores |
386.97 (45.53%) |
| General corporate purposes |
163.03 (19.17%) |
Financials
| Financial year ended |
March 2022 |
March 2023 |
March 2024 |
| Total assets |
1,110.24 |
1,062.55 |
1,464.98 |
| Revenue |
2,586.31 |
4,559.31 |
6,119.1 |
| Profit After Tax |
69.52 |
93.7 |
154.34 |
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Strengths
- The legacy of the ‘PNG’ brand has allowed it to be well-positioned as an established and trusted legacy brand in Maharashtra.
- It has a diversified product portfolio across categories and price points with over 10,000 SKUs in gold, over 1,200 SKUs in silver, over 2,700 SKUs in platinum, and over 24,000 SKUs in diamond jewellery designs as of September 30, 2023, across different price points.
- The company had the lowest working capital days among the key organized jewelry players in Fiscal 2023 as per the technopak report.
- It is the second-largest organized retail jewellery player and one of the fastest-growing brands in Maharashtra.
Risks
- The business is primarily concentrated in Maharashtra and is significantly dependent on the top five stores located in Maharashtra for revenue generation. Any adverse development affecting such regions or stores may adversely impact the business.
- The company requires significant amounts of working capital for continued growth. Any inability to meet its working capital requirements, on commercially acceptable terms, may hurt the business.
- The company operates in highly competitive and fragmented markets and competition in these markets is based primarily on market trends, pricing, and customer preferences.
- Any inability to identify market trends and customer demand accurately and maintain an optimal level of inventory in the stores may impact the operations adversely.
Schedule of P N Gadgil Jewellers
| Particulars |
Date |
| Issue open date |
10 Sep 2024 |
| Issue close date |
12 Sep 2024 |
| Price band |
₹456 - 480 |
| Minimum Bid quantity |
31 shares & multiples thereof |
| UPI mandate deadline |
12 Sep 2024 (5 PM) |
| Allotment finalization |
13 Sep 2024 |
| Refund initiation |
16 Sep 2024 |
| Share credit |
16 Sep 2024 |
| Listing date |
17 Sep 2024 |
| Mandate end date |
27 Sep 2024 |
| Lock-in end date for anchor investors (50%) |
13 Oct 2024 |
| Lock-in end date for anchor investors (remaining) |
12 Dec 2024 |
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