Baanganga Gold & Diamond Sets Sights On ₹720-Crore IPO, Jewellery Firm Files Draft Papers With SEBI

Mumbai: Baanganga Gold & Diamond (I) Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering worth up to ₹720 crore.

The proposed IPO combines a fresh issue of shares worth up to ₹540 crore with an offer for sale (OFS) of up to ₹180 crore, according to the draft red herring prospectus filed on Friday.

Where The Money Will Go

Baanganga plans to allocate ₹405 crore from the fresh issue to working capital requirements during financial years 2027, 2028 and 2029. The balance of the fresh issue proceeds will be used for general corporate purposes.

The OFS will allow promoters Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna to sell shares worth up to ₹120 crore and ₹60 crore, respectively. Proceeds from those share sales will go to the selling shareholders, rather than the company.

Jewellery Business And Reach

Baanganga designs, manufactures and sells gold and diamond jewellery, mainly supplying organised retail chains, wholesalers and distributors. Its customers include Joyalukkas India, Malabar Gold and Diamonds, Kalyan Jewellers, Bhima Enterprises and PN Gadgil Jewellers.

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

Market Outlook

A CareEdge report cited in the prospectus valued India’s wholesale gold jewellery market at ₹2.18 lakh crore in calendar year 2025 and projected it to reach ₹4.02 lakh crore by 2030. It estimated Baanganga’s share of the domestic wholesale gold jewellery manufacturing market at 1.9 per cent in FY26.

DAM Capital Advisors is the sole book-running lead manager for the IPO, while KFin Technologies is the registrar. The company has yet to announce a price band or subscription dates.