Fox & Mandal Advised On The Proposed IPO Of Priority Jewels Limited

Fox & Mandal advised on the proposed IPO of Priority Jewels Limited

Fox & Mandal advised Priority Jewels Limited on its proposed initial public offering. The Draft Red Herring Prospectus (DRHP) for the IPO was filed with the Securities and Exchange Board of India (SEBI) for listing of the company’s equity shares on the main boards of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Incorporated in 2007 by Shailesh Sangani and Tushar Mehta, Priority Jewels is based in Mumbai and is a prominent player in the fine jewellery sector. The company designs, manufactures, and sells a broad range of lightweight, affordable diamond-studded gold and platinum jewellery, and has established long-standing relationships with major Indian retail jewellery brands.

The IPO proceeds will be utilised for repayment of borrowings and general corporate purposes. The issue will allocate 50% to QIBs, 15% to NIIs, and 35% to retail investors. For FY24, Priority Jewels reported a revenue of ₹410.61 crore and a net profit of ₹7.15 crore, with a Return on Net Worth (RoNW) of 7.54%.

The Fox & Mandal team was led by Timothy Franklyn (Partner, Head of Capital Markets), with support from Rudresh Mandal (Senior Associate), Mainak Pal (Senior Associate), Shrinwantu Choudhury (Associate), and Ayushi Awasthi (Associate). The team was further supported by Biprojeet Talapatra (Associate) and Aman Maini (Associate).

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