PN Gadgil Jewellers’ initial public offering (IPO) saw impressive demand on its first day, with total subscriptions reaching over 2 times the offer size. Retail individual investors (RII) and non-institutional investors (NII) showed strong interest, subscribing 2.61 times and 3.27 times, respectively. However, qualified institutional buyers (QIB) saw relatively low participation, subscribing only 0.01 times.
The IPO, priced at ₹456-₹480 per share, opened on September 10 and will conclude on September 12. The Maharashtra-based company has allocated 50% of the shares for QIBs, 35% for retail investors, and 15% for NIIs.
PN Gadgil Jewellers plans to raise ₹330 crore through the issue, which includes a fresh issue of equity shares worth ₹850 crore and an offer for sale (OFS) of ₹250 crore by its promoter SVG Business Trust. The funds raised from the fresh issue will be used to set up 12 new stores in Maharashtra, pay down ₹300 crore of debt, and for general corporate purposes.
PN Gadgil Jewellers, known for offering a wide range of precious metal and jewellery products, operates through its flagship brand ‘PNG’ and sub-brands, with 39 retail stores and an online presence.
