Baanganga Gold and Diamond seeks up to 720cr IPO
Baanganga Gold and Diamond (I) Ltd. just filed for an IPO, aiming to raise up to ₹720 crore. The plan includes a fresh issue of shares worth up to ₹540 crore and an offer-for-sale of up to ₹180 crore.
If you're into jewelry, you might know them: they supply big names like Joyalukkas India and Kalyan Jewellers, run three factories in Mumbai, and export to seven countries.
Baanganga promoters sell 120cr and 60cr
Promoters Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna will sell shares worth up to ₹120 crore and ₹60 crore, respectively, as part of the deal.
The fresh funds will help cover working capital needs across fiscal 2027, 2028 and 2029, with the rest set aside for general corporate use.
DAM Capital Advisors is managing the IPO, while KFin Technologies handles registrations.
Baanganga's hoping this move helps them grow their slice of India's booming gold jewelry market even more.