As Maharashtra and other western states of India rejoice in the festive spirit of Gudi Padwa, people embrace the rich traditions of the Marathi new year. Houses are decked with bright marigolds and vibrant ‘gudis’ hoisted, while people indulge in jewellery purchase for themselves and their loved ones in anticipation of a prosperous new year.

PN Gadgil Jewellers, the 2nd largest organised jewellery player in Maharashtra, has taken a significant step towards expansion by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).