At 4 pm, the issue attracted bids for 99.64 crore shares, or 59.01 times against the issue size of 1.68 crore shares.
The retail portion was subscribed 16.04 times, while non-institutional investors subscribed 55.94 times. The qualified institutional buyers’ allocation was booked 136.53 times.
In the unlisted market, shares of PN Gadgil Jewellers are trading at a premium of ₹308, translating to a 64% premium over the issue price.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
Ahead of the issue opening, the company has raised ₹330 crore from anchor investors including HDFC MF, Tata MF, Edelweiss MF, LIC MF, Invesco India, Citigroup among others.
The company sold its shares in a fixed price band of ₹456-480. At the upper price band, PN Gadgil will have a post-listing market capitalisation of ₹6,514 crore.
PN Gadgil’s public offer comprised a fresh issue of equity shares worth ₹850 crore, along with an Offer For Sale (OFS) component worth ₹250 crore.
The funds raised through the issue are proposed to be utilised for the funding of expenditure towards setting-up of 12 new stores in Maharashtra, repayment of debt and other general corporate purposes.
PN Gadgil Jewellers offers a wide range of precious metal/jewelry products including gold, silver, platinum, and diamond jewelry under its brand name ‘PNG’ in various price ranges and designs. The Pune-based company offers its customers the option of having jewelry made to measure.
For the six months ended on September 30, 2023, the company posted a net profit ₹43.75 crore with a revenue of ₹2,631.15 crore. Its net profit stood at ₹93.7 crore with a revenue of ₹4,559.31 crore for the financial year ending on March 31, 2023.
Motilal Oswal Investment Advisors, Nuvama Wealth Management and BOB Capital Markets are the Book Running Lead Managers, while Bigshare Services Pvt Ltd is the registrar for the IPO.
The allotment for the PN Gadgil Jewellers IPO is expected to be finalised on September 13. Shares of PN Gadgil Jewellers are likely to list on the BSE and NSE on September 17, 2024.