Baanganga Gold & Diamond files for ₹720 crore IPO to fund working capital
Jewellery manufacturer Baanganga Gold & Diamond has filed draft papers for a ₹720 crore IPO, comprising a ₹540 crore fresh issue and ₹180 crore offer for sale. It plans to deploy ₹405 crore of fresh proceeds toward working capital through fiscal 2029, supporting supplies to organised retailers including Malabar, Kalyan and Joyalukkas.
What happened
Jewellery manufacturer Baanganga Gold & Diamond filed DRHP for a ₹720-crore IPO, including ₹540 crore fresh equity. It plans to deploy ₹405 crore toward working
Key facts
- ₹720 crore proposed IPO
- ₹540 crore fresh issue
- ₹180 crore offer for sale
- ₹405 crore for working capital
- 579 clients
Why this matters
Baanganga’s proposed ₹720 crore IPO could strengthen working-capital support for jewellery supply to organised chains, potentially improving inventory availability as large retailers continue gaining share.
What to watch
- SEBI observations, final issue timing, valuation and subscription quality.
- Disclosure of customer concentration, receivable days, inventory days, gold-price hedging and gold-metal loan exposure in the DRHP/RHP.
- Gold-price trajectory and jewellery demand during key wedding and festive seasons.
- Order growth or supplier-share gains with major organised jewellery retailers.
- Fresh-issue utilisation pace versus the planned ₹405 crore working-capital deployment through fiscal 2029.