Baanganga Gold & Diamond (I), an organised and fully integrated manufacturer of gold and diamond jewellery operating on a business-to-business (B2B) model, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO).
The proposed issue comprises a fresh issue of equity shares aggregating up to Rs 540 crore and an offer for sale (OFS) of shares worth up to Rs 180 crore, taking the total issue size to up to Rs 720 crore.
The OFS comprises shares offered by promoter selling shareholders Navratanmal Jeetmal Ganna, for up to Rs 120 crore, and Jinesh Navratanmal Ganna, for up to Rs 60 crore.
Baanganga plans to use the net proceeds from the fresh issue to fund working capital requirements and for general corporate purposes. Of the proceeds, Rs 405 crore is proposed to be deployed towards working capital requirements across Fiscal 2027, Fiscal 2028 and Fiscal 2029.
The company operates across the jewellery manufacturing value chain, covering product design, production, quality control and sale of gold and diamond jewellery. It primarily supplies organised corporate jewellery retail chains, wholesalers and distributors.
Its customers include Joyalukkas India, Novel Jewels (Aditya Birla Group), Malabar Gold and Diamonds, Kalyan Jewellers, Bhima Enterprises and P N Gadgil Jewellers.
As of July 31, 2026, the company had more than 500,000 designs and a client base of 579 customers across 18 states and four union territories. It also exports to seven countries and has more than 25 international clients.
Baanganga operates three manufacturing facilities in Mumbai, spread across 23,994 sq ft, with an installed capacity of 7,500 kg per annum. 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.
Market opportunity
According to the CareEdge Report, the Indian wholesale gold jewellery market was valued at Rs 2,176.1 billion in CY25, growing at a CAGR of 11.3% between CY20 and CY25. The market is projected to reach Rs 4,024.7 billion by CY30P.The organised segment accounts for around 35-40% of the historically fragmented industry, led by pan-India players and regional brands.
Baanganga held an approximately 1.9% market share in the Indian gold jewellery manufacturing (wholesale) market in Fiscal 2026, according to the CareEdge Report.
IPO proceeds and offer structure
The company will not receive any proceeds from the OFS. The proceeds from the OFS, after applicable offer-related expenses and taxes, will accrue to the respective promoter selling shareholders.
DAM Capital Advisors Ltd. is the sole Book Running Lead Manager to the offer, while KFin Technologies Ltd. is the registrar.
Product portfolio
Baanganga’s product portfolio includes plain gold, studded gold and diamond jewellery, covering necklaces, bangles, rings, earrings, pendants, mangalsutra, bracelets and chains.
The company’s collections are primarily crafted in 18-karat and 22-karat gold and cater to different age groups, genders and price ranges. Its offerings include bridal and wedding jewellery as well as products for special occasions and everyday wear.
