P N Gadgil Jewellers subscribed 1.73 times on Day 1

10 Sep 2024 , 04:41 PM

P N Gadgil Jewellers Limited, a well-known company in the Indian jewellery sector, announced its initial public offering (IPO) today. It will remain open for bids until Friday, September 12. The price range is ₹456-₹480, with a minimum lot size of 31 shares for retail investors.

The company plans to raise 1,100 crore with this IPO. The transaction includes a new issuance of ₹10 equity shares totalling ₹850 crore, as well as an offer to sell ₹10 equity shares worth ₹250 crore from promoter SVG Business Trust.

P N Gadgil Jewellers’ IPO allocated 50% of its shares to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to regular investors.

The money generated will be used in various critical areas, including the establishment of 12 new stores across Maharashtra, the repayment or prepayment of current borrowings, either partially or totally, and general business objectives.

All investor categories have expressed a strong interest in the offering. According to BSE data, the retail investors’ portion was subscribed 2.42 times, while the non-institutional buyers’ portion was subscribed 2.50 times.

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