Priority Jewels files preliminary IPO papers, aims to raise funds to reduce debt

Mumbai-based diamond-studded gold and platinum fine jewellery maker Priority Jewels has filed preliminary papers with Sebi on April 30 to raise funds via a maiden public issue, to reduce debt. The IPO will consist solely of a fresh issue of 54 lakh shares with no offer-for-sale component.

The company plans to utilise Rs 75 crore out of net fresh issue proceeds for debt repayment, and the remaining funds for general corporate purposes. As of March 2025, “we had total borrowings of Rs 147.1 crore,” Priority Jewels said in its draft papers.