Baanganga Gold & Diamond files draft papers for ₹720-crore IPO

Baanganga Gold & Diamond (I) Ltd, a gold and diamond jewellery manufacturer, has submitted draft papers to SEBI for an IPO that could raise up to ₹720 crore. The IPO includes a fresh equity share issue of up to ₹540 crore and a share offer sale (OFS) of up to ₹180 crore. Promoters Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna will sell shares through the OFS, with the former selling up to ₹120 crore and the latter up to ₹60 crore.

The company plans to use ₹405 crore from the fresh issue to cover working capital needs for fiscal years 2027-2029, while the remaining proceeds will be allocated to general corporate purposes. Baanganga specializes in designing, manufacturing, quality control, and selling gold and diamond jewellery, primarily serving organized jewellery retail chains, wholesalers, and distributors.

The company has over 5 lakh designs and 579 clients across 18 states and four Union Territories, and exports to seven countries with more than 25 international clients. The wholesale gold jewellery market in India was valued at ₹2.18 lakh crore in fiscal 2025 and is expected to reach ₹4.02 lakh crore by fiscal 2030, with the organised segment accounting for around 35-40% of the market.

Baanganga held a 1.9% share of India's gold jewellery manufacturing (wholesale) market in fiscal 2026, according to a CareEdge report cited in the DRHP. Dam Capital Advisors is the sole book-running lead manager, and KFin Technologies is the registrar for the issue.