Priority Jewels Ltd Set for Sparkling IPO Debut

Priority Jewels Ltd, a Mumbai-based company, aims to launch an IPO with a fresh issue of 54 lakh shares, according to their DRHP filed with SEBI. The company plans to use the Rs 75 crore proceeds for debt repayment and corporate purposes. Founded in 2007, Priority Jewels designs and sells diamond-studded jewelry.

Priority Jewels Ltd, a prominent name in the jewelry industry, has filed preliminary documents with the market regulator SEBI to launch its initial public offering (IPO). This move aims to raise capital through a fresh issue of 54 lakh equity shares, as per their draft red herring prospectus (DRHP) submitted recently.

The Mumbai-based company's IPO exclusively comprises new shares, with no offer-for-sale (OFS) component. The firm plans to allocate Rs 75 crore from the proceeds towards debt repayment, while the remaining funds will be directed towards general corporate purposes, enhancing its financial structure and operational capabilities.

Established in 2007, Priority Jewels designs and sells a range of lightweight, affordable diamond-studded gold and platinum jewelry. With a strong clientele of over 200 customers, including 159 independent jewelers, the company has expanded its market across India and internationally, reporting a 15.35% profit growth in recent years.

(With inputs from agencies.)