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Retailer P.N. Gadgil Has 15-Store Expansion Plan As $74M IPO Readies

Indian jewellery retailer P. N. Gadgil & Sons Ltd., which has just announced plans to go public with an IPO of ₹500 crore ($74 million) said it will invest ₹256 crore ($38 million) from the IPO towards adding 15 new stores in its home state of Maharashtra as well as adjoining states.

The company, which currently has 25 stores — having had just two as of April 2012 — said it aims at having 29 stores by fiscal 2019 and 40 by fiscal 2020.

The company’s plans include two large-format (6,000 square feet on average) stores and nine small-format outlets (1,600 square feet on average). It also plans a range of medium-format (average 2,850 square feet) in suburban areas of Mumbai and Pune.

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