Baanganga Gold & Diamond Files Draft Papers for Rs 720-crore IPO

New Delhi, Sep 26: Baanganga Gold & Diamond (I) Ltd, an integrated manufacturer of gold and diamond jewellery, has filed draft papers with the market regulator Sebi to raise up to Rs 720 crore through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares worth up to Rs 540 crore and an offer for sale (OFS) of shares worth up to Rs 180 crore, according to the Draft Red Herring Prospectus (DRHP) filed on Friday.

Under the OFS, promoters Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna will sell shares worth up to Rs 120 crore and Rs 60 crore, respectively.

The company plans to use Rs 405 crore from the fresh issue to fund its working capital requirements across fiscal 2027, 2028 and 2029. The remaining proceeds will be used for general corporate purposes.

Baanganga is engaged in the design, manufacturing, quality control and sale of gold and diamond jewellery, primarily catering to organised jewellery retail chains, wholesalers and distributors.

Its customers include Joyalukkas India, Novel Jewels, Malabar Gold and Diamonds, Kalyan Jewellers, Bhima Enterprises and PN Gadgil Jewellers.

As of July 31, 2026, the company had more than 5 lakh designs and 579 clients across 18 states and four Union Territories. It also exports to seven countries and has more than 25 international clients. The company operates three manufacturing facilities in Mumbai.

According to a CareEdge report cited in the DRHP, India’s wholesale gold jewellery market was valued at Rs 2.18 lakh crore in CY25 and is projected to reach Rs 4.02 lakh crore by CY30.

The organised segment accounted for around 35-40 per cent of the traditionally fragmented market. Baanganga had an estimated 1.9 per cent share of India’s gold jewellery manufacturing (wholesale) market in fiscal 2026, according to the report.

DAM Capital Advisors is the sole book-running lead manager to the issue, while KFin Technologies is the registrar.