PN Gadgil Jewellers IPO Over-Subscribed 59.41 Times
By Rediff Money Desk, New Delhi Sep 12, 2024 19:20
PN Gadgil Jewellers IPO received overwhelming response, closing at 59.41 times subscription. QIBs led the subscription with 136.85 times. Read more about the IPO details.
New Delhi, Sep 12 (PTI) The initial public offer of jewellery retail chain PN Gadgil Jewellers Ltd received 59.41 times subscription on the last day of bidding on Thursday.
The Rs 1,100-crore initial share sale received bids for 1,00,31,19,142 shares against 1,68,85,964 shares on offer, according to the NSE data.
The quota for Qualified Institutional Buyers (QIBs) garnered 136.85 times subscription while the category for non institutional investors got subscribed 56.08 times. The portion for Retail Individual Investors (RIIs) fetched 16.58 times subscription.
The IPO of PN Gadgil Jewellers Ltd got fully subscribed within a few hours of opening for bidding on Tuesday and ended the day with a two-time subscription.
PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors.
The price band for the offer is Rs 456-480 per share.
The Maharashtra-based company's IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by promoter SVG Business Trust.
At present, SVG Business Trust holds a 99.9 per cent stake in PN Gadgil Jewellers.
Of the fresh issue proceeds, Rs 393 crore will be utilised for the funding expenditure towards setting up 12 new stores in Maharashtra, Rs 300 crore for payment of debt, besides a portion will also be used for general corporate purposes.
PN Gadgil Jewellers Ltd offers a wide range of precious metal/jewellery products including gold, silver, platinum and diamond jewellery, across various price points and designs.
The company's products are primarily sold under its flagship brand, 'PNG', and various sub-brands, through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces, including websites.
Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are the book-running lead managers to the issue.
The Rs 1,100-crore initial share sale received bids for 1,00,31,19,142 shares against 1,68,85,964 shares on offer, according to the NSE data.
The quota for Qualified Institutional Buyers (QIBs) garnered 136.85 times subscription while the category for non institutional investors got subscribed 56.08 times. The portion for Retail Individual Investors (RIIs) fetched 16.58 times subscription.
The IPO of PN Gadgil Jewellers Ltd got fully subscribed within a few hours of opening for bidding on Tuesday and ended the day with a two-time subscription.
PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors.
The price band for the offer is Rs 456-480 per share.
The Maharashtra-based company's IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by promoter SVG Business Trust.
At present, SVG Business Trust holds a 99.9 per cent stake in PN Gadgil Jewellers.
Of the fresh issue proceeds, Rs 393 crore will be utilised for the funding expenditure towards setting up 12 new stores in Maharashtra, Rs 300 crore for payment of debt, besides a portion will also be used for general corporate purposes.
PN Gadgil Jewellers Ltd offers a wide range of precious metal/jewellery products including gold, silver, platinum and diamond jewellery, across various price points and designs.
The company's products are primarily sold under its flagship brand, 'PNG', and various sub-brands, through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces, including websites.
Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are the book-running lead managers to the issue.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Rhetan TMT
- 15.59 (+ 19.83)
- 31433475
- Srestha Finvest
- 1.79 ( -1.10)
- 29026799
- Spicejet Ltd.
- 71.66 (+ 8.00)
- 28325118
- Rama Steel Tubes
- 16.26 (+ 1.82)
- 21693933
- Vodafone Idea L
- 13.41 ( -0.89)
- 19325317
MORE NEWS
Maldives Ministers Visit Mumbai-Ahmedabad...
Maldives ministers inspect Mumbai-Ahmedabad bullet train project, including India's...
Northern Arc Capital IPO: Rs 229 Cr Raised from...
Northern Arc Capital, a non-bank financial institution, has raised Rs 229 crore from...
India Investment Opportunities: FM Meets Nasdaq...
Finance Minister Nirmala Sitharaman met with Nasdaq's Edward Knight and US-India...