JSW One Platforms files for Rs 3,054 crore IPO

Baanganga Gold & Diamond has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India for an anticipated initial public offering (IPO). The proposed issuance includes a fresh equity share allocation of up to Rs 540 crore and an offer for sale (OFS) of shares potentially valued at Rs 180 crore, resulting in a total issue size of up to Rs 720 crore.

The OFS will be allocated to promoter selling shareholders Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna, with the former potentially selling up to Rs 120 crore worth of shares, and the latter up to Rs 60 crore. The company intends to utilize the net proceeds from the IPO to address working capital needs and general corporate expenditures, with Rs 405 crore earmarked for working capital requirements over the fiscal years of 2027, 2028 and 2029.