Fox & Mandal acts on proposed IPO of Priority Jewels

Fox & Mandal has advised on the proposed IPO of Priority Jewels Limited. The Draft Red Herring Prospectus (DRHP) was filed with SEBI for a listing of the Company’s equity shares on the main boards of NSE and BSE.

The transaction team was led by Timothy Franklyn (Partner, Head of Capital Markets) and consisted of Rudresh Mandal (Senior Associate), Mainak Pal (Senior Associate), Shrinwantu Choudhury (Associate), and Ayushi Awasthi (Associate).

The team was supported by Biprojeet Talapatra (Associate) and Aman Maini (Associate).

Incorporated in 2007 by Shailesh Sangani and Tushar Mehta, Priority Jewels has evolved into a trusted name in fine jewellery manufacturing. 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. Their ability to blend craftsmanship with innovation has enabled them to establish long-standing relationships with major Indian retail jewellery players.

While the exact IPO dates and price band are yet to be announced, the shares will be listed on the BSE and NSE. For FY24, the company reported a revenue of ₹410.61 crore and a net profit of ₹7.15 crore, with a Return on Net Worth of 7.54%. The IPO proceeds will be used to repay borrowings and for general corporate purposes. The issue will allocate 50% to QIBs, 15% to NIIs, and 35% to retail investors.

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