- Baanganga Gold & Diamonds filed DRHP with SEBI for Rs 720 crore IPO on September 25
- IPO includes Rs 540 crore fresh equity issue and Rs 180 crore offer for sale by promoters
- Proceeds will fund working capital and general corporate purposes of Baanganga Gold & Diamonds
Jewellery manufacturer Baanganga Gold & Diamonds (I) Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed Initial Public Offering (IPO) on Friday, September 25.
The offer comprises a fresh issue of equity shares up to Rs 540 crore and an offer for sale of up to Rs 180 crore, making the total offer size to Rs 720 crore. The offer for sale comprises shares offered by promoter including Navratanmal Jeetmal Ganna around Rs 120 crore and Jinesh Navratanmal Ganna up to Rs 60 crore.
The book running lead manager of the public issue is DAM Capital Advisors Limited, while KFin Technologies Limited is the registrar.
Through the proceeds of the IPO, Baanganga Gold & Diamonds (I) aims to fund the working capital requirements of the company and general corporate purposes. Additionally, the jewellery maker expects to receive the benefits of listing on stock exchanges, improve visibility and brand image and create public market for its equity, according to the company's DRHP.
Baanganga Gold & Diamond (I) is a fully integrated manufacturer of gold and diamond jewellery. The company operates primarily on a business-tobusiness (B2B) model, catering to large corporate jewellery retail chains, wholesalers, and distributors across domestic and international markets. Its product portfolio spans bridal, daily wear, and premium jewellery across 18kt, and 22kt gold
categories.
The jewellery manufacturer's customer network spans 18 states and 4 union territories in India and includes large corporate jewellery retail chains, wholesalers, and distributors, including leading retail chains such as Joyalukkas India Ltd, Malabar Gold & Diamonds Limited, Kalyan Jewellers India Limited, etc.
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