P N Gadgil Jewellers’ initial public offering (IPO) garnered significant interest, with 100.31 crore shares bid for, compared to the 1.68 crore shares available. The IPO was oversubscribed 59.41 times.
The Qualified Institutional Buyers (QIBs) demonstrated substantial enthusiasm, subscribing 136.85 times. Non-Institutional Investors (NIIs) subscribed 56.09 times, while Retail Individual Investors (RIIs) subscribed 16.58 times. The bidding period for the IPO ran from 10 to 12 September 2024, with shares priced between Rs 456 and Rs 480.
The IPO consisted of a fresh issue of equity shares valued up to Rs 850 crore and an offer for sale (OFS) amounting to Rs 250 crore from existing shareholder SVG Business Trust. The proceeds from the fresh issue are designated for expanding P N Gadgil’s retail network with 12 new stores in Maharashtra (Rs 392.5 crore), repaying or pre-paying borrowings (Rs 300 crore), and general corporate purposes.
Before the IPO, P N Gadgil Jewellers raised Rs 329.99 crore from anchor investors on 9 September 2024. The company allotted 68.74 lakh shares at Rs 480 each to 33 anchor investors.
As of January 2024, P N Gadgil is the second-largest jewellery retailer in Maharashtra by store count. The company offers a diverse range of precious metal and jewelry products, including gold, silver, platinum, and diamonds. Products are sold under the flagship PNG brand and various sub-brands through retail stores, online marketplaces, and their website. Additionally, the PNG Jewellers mobile app, launched in March 2022, keeps customers informed about new designs and collections.
For the year ending 31 March 2024, the firm reported a consolidated net profit of Rs 154.34 crore and sales of Rs 6,110.95 crore.
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