Priority Jewels Limited, a Mumbai-based gold and diamond jewellery company, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO) of up to 54,00,000 equity shares of face value ₹10 each.

The proceeds from the IPO will be used to fund working capital requirements, invest in technology upgradation, and expand manufacturing facilities. The company also proposed to utilise Rs. 75 crore of the net proceeds to repay part of its debt, which stands at a total of Rs. 147.1 crore.

According to the DRHP, the company reported a profit after tax of Rs. 7.14 crore on revenue of Rs.410.5 crore in FY24. The same year, the company reported domestic sales of Rs. 236.7 crore and export sales of Rs. 173.7 crore.

As of 31 December 2024, the company has over 200 customers, predominantly in India, including 159 independent jewellers and 35 jewellery chains, including CaratLane, Kalyan Jewellers, Reliance, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold. Most of Priority Jewels’ exports are to overseas stores of Indian jewellery chains, primarily catering to the Indian diaspora.

Priority Jewels was originally incorporated in 2007 as a private limited company and recently converted into a public company in February 2025. The promoters include Shailesh Sangani, Manisha Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh, and Priority Retail Ventures Pvt. Ltd.