Upcoming IPO: Priority Jewels sets price band at ₹190-200/share; issue to open on Aug 28

Priority Jewels is gearing up to launch its initial public offering (IPO) on August 28, with a price band of ₹190-200 per share.

The three-day public issue will close on September 1, while bidding by anchor investors will take place on August 27, according to an announcement by the company.

The IPO comprises a fresh issue of up to 45.75 lakh equity shares, aggregating to ₹86.93 crore at the lower end and ₹91.50 crore at the upper end of the price band.

At the upper price band, the post-issue implied market capitalisation of the company is estimated at around ₹360 crore.

Proceeds from the public issue will be used for debt payment and general corporate purposes.

Qualified institutional buyers (QIBs) have been allocated 50% of the offer, while 15% has been reserved for Non-Institutional Investors (NIIs) and 35% for retail investors.

The shares are proposed to be listed on both BSE and NSE on September 4.

Mefcom Capital Markets is the book-running lead manager to the issue, while MUFG Intime India is the registrar.

All you need to know about Priority Jewels

Incorporated in 2007, Priority Jewels is involved in the designing, manufacturing and sale of a variety of lightweight, diamond-studded gold and platinum jewellery.

Based in Mumbai, the company is engaged in the designing, manufacturing and sale of a wide range of lightweight, affordable diamond-studded gold and platinum fine jewellery. 

Over the years, Priority Jewels have expanded market presence across 21 states and 3 union territories in India and have exported products to 13 countries globally, including the United States of America, UAE, Hong Kong and Norway.

The firm has manufacturing facilities in Mumbai’s MIDC and SEEPZ SEZ areas in Andheri East, spanning 19,008 sq. ft. and 6,821 sq. ft., respectively. The facilities are equipped with advanced casting, CAD/CAM and 3D printing technologies, supporting precision manufacturing.