PN Gadgil Launches IPO, Raises ₹330 Crore from Anchor Investors

10 Sep 2024 , 09:22 AM

Maharashtra-based jewellery retail chain, P N Gadgil Jewellers’ initial public offer (IPO) will open for subscription today. The company said on Monday that it has raised around ₹330 crore from anchor investors ahead of the IPO.

As per the exchange filings, ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are the top anchor investors.

The company has allocated a total of 68.75 lakh equity shares at ₹480, the upper end of the price band to anchor investors which aggregates the size to ₹330 crore.

The filing said, “The IPO Committee of the Company at its meeting held on September 9, 2024, in consultation with Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited and BOB Capital Markets Limited (Book Running Lead Managers to the Offer), has finalized allocation of 68,74,999 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 480/- per Equity Share (including share premium of Rs. 470/- per Equity Share).”

The IPO is available for subscription from September 10 to September 12 at an issue price of ₹456-480 apiece.

The ₹1100 crore IPO comprises a fresh issue of equity shares worth ₹850 crore and an offer-for-sale (OFS) of ₹250 crore.

The company aims to use the fresh issue proceeds towards debt repayment, opening of 12 new stores in Maharashtra and other general corporate purposes.