New Delhi:Priority Jewels Ltd, has filed preliminary papers with markets regulator Sebi seeking its nod to launch an initial public offering (IPO).
The Mumbai-based company's IPO is completely a fresh issue of 54 lakh equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Wednesday.
Proceeds from the fresh issue to the extent of Rs 75 crore will be utilized for payment of debt, besides, a portion will be used for general corporate purposes.
Founded in 2007, Priority Jewels designs, manufactures and sells a wide range of light-weight, affordable diamond-studded gold and platinum fine jewellery.
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, Kalyan Jewellers India, Reliance Retail, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri and Senco Gold.
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.Over the years, it has expanded its market presence across 21 states and 3 union territories in India and has exported products to 13 countries globally, including the United States of America, UAE, Hong Kong and Norway.
On the financial front, the company's profit after tax (PAT) grew from Rs 5.37 crore in fiscal 2022 to Rs 7.15 crore in fiscal 2024, achieving a compound annual growth rate (CAGR) of 15.35 per cent.Mefcom Capital Markets is the sole book-running lead manager to the issue.The equity shares of Priority Jewels are proposed to be listed on the NSE and BSE
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