Priority Jewels Files DRHP To Raise Funds Through IPO

Priority Jewels Ltd. on Friday filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The public offer will only include fresh issues of up to 54 lakh shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd. The company, in consultation with the BRLMS, may consider an issue of equity shares as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue and it shall not exceed 20% of the size of the issue.

Mefcom Capital Markets Ltd. Ltd. is the book-running lead manager for the issue and MUFG Intime India Pvt. will be the registrar of the issue.

The proceeds from the fresh issue will be used for repayment/pre-payment, in full or part, of certain borrowings availed by the company and general corporate purposes.

Priority Jewels was incorporated in the year 2007 and has over 15 years of experience in the jewellery manufacturing industry.

Priority Jewels handle design conceptualisation, to manufacturing a diverse range of customised jewellery products, and has a product portfolio of light-weight, affordable, daily wear jewellery. It also manufactures lab-grown diamond jewellery based on specific orders received from its customers.

It sells directly to independent jewellers and jewellery chains in India as well as select international markets. It supplies its products to leading jewellery chains, including CaratLane Trading Pvt., Kalyan Jewellers India Ltd, Reliance Retail Ltd, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri Ltd and Senco Gold Ltd.

It has two jewellery manufacturing facilities in India that cater to its domestic and export sales.

As of December 31, 2024, it has over 200 customers, predominantly in India, including 159 independent jewellers and 35 jewellery chains.

Priority's profit grew from Rs 5.37 crore in fiscal 2022 to Rs 7.15 crore in fiscal 2024, achieving a CAGR of 15.35%. Similarly, its quantity processed and sold increased from 1,30,031 in fiscal 2022 to 1,72,108 in fiscal 2024, achieving a CAGR of 15.05%.