The company will raise funds by issuing up to 26 lakh shares in the public offer. ICICI Bank is the sponsor bank for the issue.
The objective of the SME IPO is for additional working capital, general corporate purpose and issue expenses.
The equity shares offered in the offer have a face value of ₹10 each. The market lot size is 4,000 which is also the minimum bid quantity. The maximum bid quantity is 24,64,000.
PNGS Gargi Fashion Jewellery will cater to new generation fashion jewellery at present and in days to come Company plans to enter in life style products business, it said.
PNGS Gargi Fashion is engaged in the retail business of costume and fashion jewellery under the brand name “Gargi by P. N. Gadgil & Sons" launched in 2021 under the artificial jewellery segment. The company deals in 92.5% certified sterling silver jewellery and brass jewellery, idols, and other silverware and related gift items.
The company offers a wide range of products from artificial jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders, and across various price points.
In FY22, the company's net profit was around ₹110.53 lakh -- higher than ₹0.35 lakh in the previous fiscal. Total income stood at ₹593.94 lakh versus ₹0.63 lakh in FY21.
As of September 30, 2022, the company's net profit is around ₹213.17 lakh and its total income is somewhat ₹1,189.18 lakh respectively.
In IPO papers, the company highlighted that in the coming years, growth in the gems and jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs. Also, the relaxation of restrictions on gold import is likely to provide a fillip to the industry.
