Gargi Model Jewelry via P N Gadgil & Sons, an organization into model jewelry, has change into the newest to be indexed at the Small and Medium Enterprises (SME) platform of BSE. After the a hit list, Amit Modak, the director of the corporate, spoke to The Indian Specific concerning the rationale at the back of going public and their long term plans.
Q. Gargi is a fairly new initiative of the P N Gadgil & Sons. Why did you select to head public with it as a substitute of the mum industry?
Modak: Sure, Gargi via P N Gadgil & Sons is a brand new model via P N Gadgil & Sons for the rage jewelry phase. Call for for the way of living of favor jewelry is rising in India for the closing couple of years. And the younger era within the age crew of 15-25 years is the primary purchaser of such merchandise. Their proportion in India’s inhabitants could be very top. And the rage jewelry marketplace is these days catered to via unorganised avid gamers.
However, younger consumers need high quality and branded merchandise as they’ve aspirations. To offer them high quality merchandise, meet their way of life wishes, and taking into consideration long term industry alternatives, P N Gadgil & Sons has forayed into the rage jewelry marketplace as a branded model jewelry participant. To liberate the worth and to create aspirations concerning the model, P N Gadgil & Sons has determined to listing PNGS Gargi Model Jewelry as a substitute of P N Gadgil & Sons Ltd.
Q. What’s the general quantity you could have raised?
Modak: PNGS Gargi Model Jewelry Restricted got here out with an preliminary public providing of 26,00,000 fairness stocks of Rs.10 each and every for money at a worth of Rs. 30 in line with fairness proportion aggregating to Rs. 7.80 crore. The corporate effectively finished its public factor on December 13, 2022. IPO won bids of over 56.90 crore stocks towards the overall factor dimension of over 26 lakh stocks, knowledge to be had with BSE confirmed. The problem was once subscribed to greater than 215 occasions. The problem value was once mounted at ₹30 in line with proportion. The fairness stocks introduced within the be offering have a face worth of ₹10 each and every. The marketplace lot dimension was once 4,000 which was once additionally the minimal bid amount.
Q. From the Draft Purple Herring Prospectus, it seems that that Gargi will probably be housed in the similar retail outlets as P N Gadgil and Sons. Will it now not devour into your unique industry or impact Gargi’s industry? Are there plans to have stand-alone shops for Gargi later?
Modak: P N G S Gargi Model is engaged within the retail industry of dress and model jewelry beneath the emblem title Gargi via P N Gadgil & Sons introduced in 2021 beneath the rage jewelry phase. Gargi has sterling silver jewelry and brass jewelry, idols, and different silverware and comparable present pieces.
P N Gadgil & Sons provides gold, gem stones, and studded jewelry. Its buyer base has a broader imaginative and prescient and is extra knowledgeable. They purchase valuable jewelry for observation and for social safety or funding functions. Each manufacturers be offering other merchandise and cater to quite a lot of age teams. We don’t see any cannibalisation of gross sales.
Q. Give us an outline of your unique industry and the way do you intend to take it ahead with Gargi.
Modak: Gargi is a tender and aspirational model. We’re these days providing merchandise pan India on-line and by the use of P N G Sons showrooms offline. We’re taking a look at shop-in-shop and Level of Gross sales at multi-brand showrooms. We’re these days doing a pilot with a number one multi-channel model.