National News
Priority Jewels files DRHP with SEBI; IPO consists entirely of a fresh issue of 54 lakh
On April 30, 2025, Priority Jewels submitted its DRHP to the market regulator SEBI, intending to raise funds through an Initial Public Offering (IPO).
Priority Jewels Limited, a Mumbai-based gold and diamond jewellery company, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO) of up to 54,00,000 equity shares of face value ₹10 each.
The proceeds from the IPO will be used to fund working capital requirements, invest in technology upgradation, and expand manufacturing facilities. The company also proposed to utilise Rs. 75 crore of the net proceeds to repay part of its debt, which stands at a total of Rs. 147.1 crore.
According to the DRHP, the company reported a profit after tax of Rs. 7.14 crore on revenue of Rs.410.5 crore in FY24. The same year, the company reported domestic sales of Rs. 236.7 crore and export sales of Rs. 173.7 crore. The IPO consists entirely of a fresh issue of 54 lakh shares with no offer-for-sale component.
The proceeds raised from the fresh issue, out of which ₹75 crore will be utilized for the payment and repayment of the existing debt, while the remaining funds will be used for the company’s general corporate usage.
The retail quota is 35%, QIB is 50%, and HNI is 15% as per DRHP. The IPO to list on NSE and BSE.
Priority Jewels was founded in 2007 and is involved in the designing, manufacturing, and selling of a comprehensive range of lightweight, affordable, and diamond-studded gold and platinum fine jewellery. The company is engaged in supplying gold and platinum jewellery directly to independent jewellers and jewellery chains in India, such as CaratLane Trading, Kalyan Jewellers, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri, and Senco Gold.
Priority Jewels was originally incorporated in 2007 as a private limited company and recently converted into a public company in February 2025. The promoters include Shailesh Sangani, Manisha Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh, and Priority Retail Ventures Pvt. Ltd.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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