September 17, 2024
New Delhi, India
P N Gadgil Jewellers IPO Listing
Shares of P N Gadgil Jewellers made a strong debut on the stock market today, opening at ₹830 per share on the NSE, a 72.92% premium over the issue price of ₹480. On the BSE, the stock opened at ₹834, a 73.75% increase from the issue price.
IPO Highlights:
- The P N Gadgil Jewellers IPO raised ₹330 crore and was oversubscribed 59.41 times, signaling strong investor demand.
- The IPO was open for subscription from September 10 to September 12 and received an overwhelming response, particularly from Qualified Institutional Buyers (QIBs), who subscribed 136.85 times the quota.
- Non-Institutional Investors (NIIs) subscribed 56.09 times, while the Retail Individual Investors (RIIs) category was subscribed 16.58 times.
Company Overview:
Founded in 2013, P N Gadgil Jewellers is a well-known name in the jewellery retail sector, offering a wide range of products in gold, silver, platinum, and diamond jewellery under the PNG brand. The company caters to diverse customer preferences with varying price points and styles.
IPO Details:
- The issue price was set at ₹456-480 per share, with a lot size of 31 equity shares.
- The company allocated not more than 50% of shares to QIBs, not less than 15% to NIIs, and 35% to retail investors.
Use of Proceeds:
The funds raised from the IPO will be used to:
- Allocate ₹300 crore for debt settlement.
- Deploy ₹387 crore to open 12 new stores in Maharashtra by FY26.
- Address general corporate expenses.
As of February 29, the company had a debt of ₹377.45 crore.
IPO Lead Managers:
The IPO’s book-running lead managers include Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and Bob Capital Markets Ltd, with Bigshare Services Pvt Ltd as the registrar.
Disclaimer:
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