IPO Debut: P N Gadgil Jewellers Begins Trading At 73 Per Cent Premium, Check Share Price

The company’s initial public offering (IPO) debuted on the BSE at Rs 834 apiece, against the issue price of Rs 480 per share. Meanwhile, on the NSE, the IPO listed at Rs 830 apiece

The price band of the issue was Rs 456-480 per share. Investors placed bids in a minimum lot of 31 shares and in multiples of thereafter.

Source : Fisdom

Jewellery retailer, P N Gadgil Jewellers made a bumper debut in the stock market with a premium of nearly 73 per cent over its issue price. The company’s shares began trading on the stock exchanges on a robust note as the maiden offer listed in the market on Tuesday.

The company’s initial public offering (IPO) debuted on the BSE at Rs 834 apiece, against the issue price of Rs 480 per share. Meanwhile, on the NSE, the IPO listed at Rs 830 apiece.

The maiden offer accepted subscription bids from the public between September 10-12, 2024. The price band of the issue was Rs 456-480 per share. Investors placed bids in a minimum lot of 31 shares and in multiples of thereafter.

Prior to the issue, the firm raised Rs 330 crore from anchor investors such as ICICI Prudential Life Insurance Company, Tata Mutual Fund, Axis Mutual Fund, Mirae Asset Mutual Fund, HDFC Mutual Fund, Goldman Sachs (Singapore), and Societe Generale.

The maiden offer included a fresh issue of equity worth Rs 850 crore and an offer-for-sale (OFS) of shares coming up to Rs 250 crore. Promoter SVG Business Trust, which controlled a 99.9 per cent stake in the firm, was behind the OFS.

The firm said that it plans to utilise the funds raised from the issue to finance the establishment of 12 new stores in Maharashtra and also repay debt worth Rs 300 crore. The remaining proceeds would be set aside for other general corporate expenditures.

Based out of Maharashtra, P N Gadgil Jewellers is known for offering a diverse range of gold, diamond, platinum, and silver jewellery under its flagship ‘PNG’ brand. The company operates the brand via 39 retail outlets and online platforms. The firm’s borrowings stood at Rs 397 crore, as of March 2024.