Priority Jewels files preliminary IPO papers, aims to raise funds to reduce debt

Priority Jewels IPO

Mumbai-based diamond-studded gold and platinum fine jewellery maker Priority Jewels has filed preliminary papers with Sebi on April 30 to raise funds via a maiden public issue, in an effort to reduce debt.

The IPO will consist of solely fresh issue of 54 lakh shares with no offer-for-sale component.

The company plans to utilise Rs 75 crore out of net fresh issue proceeds for repayment of debt, and the remainder funds for general corporate purposes.

As of March 2025, "we had total borrowings of Rs 147.1 crore," Priority Jewels said in its draft papers.

Priority Jewels sells gold and platinum jewellery directly to independent jewellers and jewellery chains in India, including CaratLane Trading, Kalyan Jewellers, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri, and Senco Gold.

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As of December 2024, Priority Jewels has over 200 customers, predominantly in India, including 159 independent jewellers and 35 jewellery chains. It competes with listed peers like Khazanchi Jewellers, RBZ Jewellers, Ashapuri Gold Ornament, and Shringar House of Mangalsutra.

Mefcom Capital Markets will act as the book running lead manager to the issue, and the equity shares will be listed on BSE as well as NSE.