PN Gadgil Jewellers Sets IPO Price Band; Bidding Opens September 9

5 Sep 2024 , 01:22 PM

PN Gadgil Jewellers Ltd has announced a price range of ₹456-480 per share for its initial public offering (IPO), which is valued at ₹1,100 Crore. The IPO will open for subscription on September 10.

Anchor bidding is scheduled to commence on September 9, while the issue will close on September 12. Allotment of shares will be on September 13, refunds will be processed on September 17, and the stock is expected to be listed on exchanges on September 18.

The IPO will include a fresh issue of ₹850 Crore and an offer for sale up to ₹250 Crore by SVG Business Trust.

PN Gadgil plans to use ₹387 Crore of the fresh issue proceeds to establish 12 new stores in Maharashtra by the fiscal year 2026. ₹300 Crore will be allocated towards debt repayment, and the remaining funds will be directed towards general corporate purposes. As of February 29, the company’s debt stood at ₹377.45 Crore.

PN Gadgil Jewellers is recognized as the second largest organized jewellery retailer in Maharashtra based on the number of stores. As of December, the company operated 33 stores—32 in Maharashtra and Goa, and one in the US.

For the six months ending September FY24, the company reported a net profit of ₹43.75 Crore on revenues of ₹2,627.8 Crore. Motilal Oswal Investment Advisors, Nuvama Wealth Management, and BOB Capital Markets are serving as the merchant bankers for this IPO.