P N Gadgil & Sons files for IPO

By

Maverick Martins

Published
May 7, 2018

Pune-based jewellery firm P N Gadgil & Sons Ltd has filed for an initial public offering (IPO) with markets regulator Securities and Exchange Board of India (Sebi).
 

The offering is entirely a fresh issue of shares worth Rs 500 crore (around $75 million), as per the draft red herring prospectus with investment banks HDFC Bank Ltd and YES Securities (India) Ltd managing the IPO.
 
P N Gadgil & Sons had posted revenue of Rs 1, 543 compared (approx $ 230 million) in the last fiscal as compared to Rs1, 660 crore (approx $ 247.3 million) a year earlier.

The jeweller currently has 27 stores in India and abroad in markets like UAE, USA and also available through its ecommerce store. PNG is endorsed by Bollywood actor Salman Khan.