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08 Aug, 2025
On April 30, 2025, Mumbai-based Priority Jewels Limited, a manufacturer of exquisite jewels adorned with diamonds and made of gold and platinum, submitted its Draft Red Herring Prospectus to SEBI, initiating the company's first public offering of up to 54 lakh equity shares. With ₹75 crore set aside for repayment and the remainder for general business purposes, the completely new issue—which lacks any offer-for-sale component—is largely intended to reduce the company's debt. Priority Jewels has total borrowings of ₹147.1 crore as of March 2025, supporting the IPO's strategic justification. With Mefcom Capital Markets serving as the book running lead manager, it is suggested that the shares list on both the BSE and the NSE.
Today's Business News BSE Live
According to Business News Today, Priority Jewels' initial public offering (IPO) is a fully book-built fresh issuance of up to 54,00,000 equity shares with a face value of ₹10 each (the total size would be decided by the price band). Existing shareholders will not be able to purchase any of the shares. All earnings go to the business as there is no offer-for-sale component. With reservations for Qualified Institutional Buyers (QIBs), Non-Institutional Bidders (NIBs), and Retail Individual Bidders (RIBs) as outlined in Regulation 6(1) of the SEBI (ICDR) Regulations BSE Live, the issuance will adhere to SEBI's ICDR Regulations.
Debt Repayment: According to Business News Today, ₹75 crore of the net proceeds from the new issuance would be used to pay down high-cost borrowings, which totalled ₹147.1 crore as of March 2025.
General Business Purposes: As determined by the board, the remaining funds will be used for working capital, production capacity growth, and other standard business requirements.
As of December 2024, Priority Jewels, which consists of 35 jewellery chains and 159 independent jewellers, produces and distributes exquisite jewels, including gold, diamond-studded gold, and platinum pieces, to more than 200 clients around the country (Business News Today). Prominent chains including Senco Gold, CaratLane, Kalyan Jewellers, Malabar Gold & Diamonds, and Tribhovandas Bhimji Zaveri are among its clientele. Located in Andheri (East), Mumbai, the firm has a production plant that can create a wide range of jewellery SKUs.
According to Business News Today, Priority Jewels faces competition from listed peers in the organised jewellery market, including Khazanchi Jewellers, RBZ Jewellers, Ashapuri Gold Ornament, and Shringar House of Mangalsutra. Brand-driven retail chains, changing customer demands for certified gold and diamonds, and technology-enabled design skills are the industry's defining characteristics. Priority's emphasis on B2B supply to well-established chains provides scale advantages, but it is still subject to working capital intensity and fluctuations in the price of gold.
Shailesh Sangani, Manisha Shailesh Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh, and Priority Retail Ventures Pvt. Ltd. are among the promoters of the business, according to BSE Live. MUFG Intime India Pvt. Ltd. is the registrant for the BSE Live issue, while Mefcom Capital Markets Limited is the book running lead manager. Both the BSE and the NSE have given their in-principle permission for the listing of the equity shares on BSE Live.
In conclusion, Priority Jewels' first public offering (IPO) is a calculated step to improve its balance sheet by reducing debt and fostering future expansion. With a strong B2B clientele, a clear fresh-issue structure, and support from seasoned lead managers, the offering seeks to maximise shareholder value while setting up the business to benefit from the growth of the organised jewellery industry. To determine the level of demand for this first public offering, investors will be keenly monitoring the price range and subscription patterns.
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