PN Gadgil Jewellers IPO Opens Today: Price Band, GMP, And Key Details Revealed

PN Gadgil Jewellers IPO: The company's share price is set within the range of Rs 456-480 per share, and its market capitalisation post-issue is expected to exceed Rs 6,500 crore

PN Gadgil Jewellers IPO: The price band has been fixed at Rs 456 to Rs 480 per share.

Source : PNG Jewellers

PN Gadgil Jewellers IPO: Jewellery retailer PN Gadgil Jewellers' much-anticipated Rs 1,100-crore Initial Public Offering (IPO) opens on Tuesday for public subscription. The IPO will remain open until September 12 (Thursday). The company's share price is set within the range of Rs 456-480 per share, and its market capitalisation post-issue is expected to exceed Rs 6,500 crore, according to brokerage estimates.

Ahead of the public offer, PN Gadgil Jewellers secured Rs 330 crore from prominent anchor investors, including 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 IPO comprises a fresh issue of equity shares worth Rs 850 crore, alongside an offer for sale (OFS) of equity shares worth Rs 250 crore from promoter SVG Business Trust, which currently holds a 99.9 per cent stake in the company.

Proceeds from the fresh issue will be used to finance the establishment of 12 new stores in Maharashtra, repay Rs 300 crore of debt, and support other general corporate expenses.

With the grey market premium (GMP) of the IPO soaring, shares of PN Gadgil Jewellers are commanding a premium of Rs 240, suggesting potential listing gains of 50 per cent over the upper price band of Rs 480 per share.

PN Gadgil Jewellers, based in Maharashtra, is known for its diverse range of gold, silver, platinum, and diamond jewellery sold under its flagship 'PNG' brand through its 39 retail stores and online platforms. As of March 2024, the company reported borrowings of Rs 397 crore.

The IPO launch comes during an active week in the primary market, with mainboard issues from Bajaj Housing Finance, Kross Ltd, and Tolins Tyres also hitting the market.

Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are serving as the book-running lead managers for the issue.