Pune, 24th January, 2023: Gargi by P N Gadgil & Sons (PNGS) has had a successful IPO debut on BSE, capping off its first full year of operations. The startup, established with the goal of transforming the fashion jewelry market in India, has achieved rapid growth and success in just one year since its launch.
Aditya Modak, Founder/Director of Gargi by PNGS, identified a gap in the Indian artificial jewelry market where no brand offered designer, high-quality jewelry that was distinct and empowering for consumers. As a chartered accountant and leader at the 190-year-old legacy jewelry brand PNGS, he decided to create a unique, youth-oriented brand with a distinct design angle, high-quality standards, and one that upheld the ethics of the legacy brand. He proposed a new brand called Gargi by PNGS to tap into this emerging market, leading the entire process from conceptualization, design, vendor selection, procuring raw materials, and ultimately building the brand.
Speaking about this, Aditya Modak, Founder / Director Gargi by PN Gadgil & Sons, said, “It has been a year that has been better even than the most optimistic projections we had at the start of the journey. The impeccable designs, quality, and craftsmanship of Gargi’s jewelry pieces have been enthusiastically welcomed by our customers. The response to our IPO was even more incredible, and in a year that has seen less than 50% capital raised compared to the previous year, getting 230 times oversubscription was surreal. Even the biggest names that went for IPO this year had struggled to get a good response from investors in a bearish market. The stock has continuously hit the upper circuit even post 20 days and had crossed Rupees 164 price with a market capital value crossing over INR 150 crores for the PNGS Gargi Fashion Jewellery Ltd. I am thankful to God and the team at Gargi for making this happen and hope that this spectacular streak of wealth creation continues in the times ahead.”
The brand Gargi, named after the ancient Indian scholar and also a name of the goddess Durga, has created a diverse range of masterpieces that exude beauty, honesty, style, fearlessness, and scholarship. Branching off from the successful PNGS brand, which has an annual turnover of over 8,000 crore rupees, Gargi has maintained similar levels of excellence, customer understanding, and quality. This led to a successful debut in its initial public offering in December 2021, with an initial funding of 6 crore rupees and a current market capitalization of approximately 140 crore rupees (as of January 3rd, 2023). With its innovative approach, Gargi aims to become a leading brand in its category within the next five years and reach a turnover of over 100 crore rupees. There are also plans to expand the brand’s physical presence across India in 2023.