P N Gadgil Jewellers IPO Opens Today

10 Sep 2024 , 01:25 PM

P N Gadgil Jewellers Ltd launched its IPO today, open for bidding until Friday, September 12. The price range is set between ₹456 – ₹480 per share, with a minimum lot size of 31 shares for retail investors.

The company aims to raise ₹1,100 Crore through the IPO, which includes a fresh issue of equity shares worth ₹850 Crore and an offer for sale (OFS) of shares worth ₹250 Crore from promoter SVG Business Trust.

The IPO allocates 50% of shares to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to retail investors.

As of 1:23 pm, the IPO was subscribed 0.99 times, according to data from the BSE. The retail investor segment was subscribed 1.43 times, while the non-institutional investors’ portion saw a subscription of 1.31 times. The quota for qualified institutional buyers (QIBs) has not yet been filled.

Funds from the IPO will be used for opening 12 new stores across Maharashtra, repaying or pre-paying debt, and general corporate purposes.

Motilal Oswal Investment Advisors, Nuvama Wealth Management, and BOB Capital Markets are the lead managers for the IPO.

P N Gadgil Jewellers is a major player in Maharashtra’s organised jewellery sector, with a brand legacy dating back to 1832. The company offers a wide range of gold, silver, platinum, and diamond jewellery, including custom-made options.

The company currently operates 39 stores (28 COCO and 11 FOCO) across Maharashtra, Goa, and California, with plans to add 12 new stores in Maharashtra by FY26.

P N Gadgil’s revenue saw a CAGR of 54.63% from FY22 to FY24, growing from ₹25,556 million to ₹61,109 million.

The basis of share allotment will be finalized on September 13, with refunds initiated on September 16-17, and shares credited to Demat accounts on the same day. Shares of P N Gadgil Jewellers are expected to be listed on the BSE and NSE on Wednesday, September 18.