Baanganga Gold & Diamond (I) Ltd has filed draft papers with SEBI to raise ₹720 crore through an initial public offering. According to the Draft Red Herring Prospectus filed on Friday, the proposed IPO comprises a fresh issue of equity shares worth up to ₹540 crore and an offer for sale (OFS) of shares worth up to ₹180 crore. The company plans to utilize ₹405 crore from the fresh issue to fund its working capital requirements across fiscal 2027, 2028 and 2029, with the remaining proceeds allocated for general corporate purposes. As reported by The Economic Times, the company operates as an organised and fully integrated manufacturer of gold and diamond jewellery on a business-to-business (B2B) model.
Under the offer for sale component, promoters Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna will sell shares worth up to ₹120 crore and ₹60 crore respectively. As reported by The Economic Times, DAM Capital Advisors serves as the sole book-running lead manager to the issue, while KFin Technologies acts as the registrar. The company is engaged in the design, manufacturing, quality control and sale of gold and diamond jewellery, primarily catering to organized jewellery retail chains, wholesalers and distributors.
Baanganga operates three manufacturing facilities in Mumbai spread across 23,994 sq ft with an installed capacity of 7,500 kg per annum. According to the latest reports, capacity utilisation stood at 48.39% as of March 31, 2026. The manufacturing operations are supported by 91 designers and 402 Karigars, while the company's sales network comprises 51 executives with branch offices in Pune and Chennai. The company's collections are primarily crafted in 18-karat and 22-karat gold and cater to different age groups, genders and price ranges, including bridal and wedding jewellery as well as products for special occasions and everyday wear.
According to the CareEdge report cited in the DRHP, India's wholesale gold jewellery market was valued at ₹2.18 lakh crore in CY25 and is projected to reach ₹4.02 lakh crore by CY30. As of July 31, 2026, Baanganga had an estimated 1.9% share of India's gold jewellery manufacturing (wholesale) market in fiscal 2026. The company operates across the jewellery manufacturing value chain, covering product design, production, quality control and sale of gold and diamond jewellery. Its customer base includes more than 5 lakh designs and 579 clients across 18 states and four Union Territories, with exports to seven countries and more than 25 international clients.
