PN Gadgil Jewellers' IPO Subscription Details on Day 3

12 Sep 2024 , 12:10 PM

PN Gadgil Jewellers’ IPO has received a strong response, with an overall subscription rate of 13.01 times as of 12:05 pm on the third day of the subscription period. The IPO opened for subscription on Tuesday, September 10, and is set to close today on Thursday, September 12.

Share allotment is expected to be finalized on Friday, September 13, with shares anticipated to list on BSE and NSE on Tuesday, September 17.

BSE data shows that by 12:05 pm on the final day, the retail investor segment was subscribed 11.64 times, with bids for 9,83,17,275 shares compared to the 84,42,983 shares available.

The non-institutional investors’ category saw a subscription rate of 32.60 times, receiving bids for 11,79,50,970 shares against 36,18,421 shares offered.

The IPO price band is set between ₹456 and ₹480 per share. The minimum investment for retail investors is ₹14,880, based on the upper price band.

The company aims to raise ₹1,100 Crore through the IPO, comprising ₹850 Crore from the fresh issue and the remainder from an offer for sale (OFS). Funds from the IPO will be used to establish 12 new stores in Maharashtra, repay loans, and for general corporate purposes.

Successful applicants will have shares credited to their demat accounts by Monday, September 16, with refunds processed the same day for those who do not receive an allotment.