PN Gadgil Jewellers' shares close with 65% premium

17 Sep 2024 , 04:07 PM

On Tuesday, September 17, PN Gadgil Jewellers’ shares closed at Rs 793.3 a share on the NSE, a premium of 65 percent over the issue price. On the final day of bidding on September 12, the issue received 59.41 subscriptions.

On the BSE, the shares were listed at Rs 834 per share, a 73.75 percent premium over the issue price of Rs 480 per share.

The Rs 1,100 crore initial public offering (IPO) of jewellery store chain PN Gadgil Jewellers Ltd raised Rs 330 crore from anchor investors. The price range for the offering is Rs 456-480 per share.

The Maharashtra-based company’s IPO included a new issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares worth Rs 250 crore by promoter SVG Business Trust. SVG Business Trust currently has a 99.9% share in PN Gadgil Jewellers.

The fresh issue proceeds would be used to support expenses for the opening of 12 new stores in Maharashtra, Rs 300 crore for debt repayment, and a portion for general corporate reasons.

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