Business
PN Gadgil Jewellers IPO Sees Strong Opening Day Subscription
The initial public offering (IPO) of PN Gadgil Jewellers Limited opened for bidding on September 10, 2024, and has already attracted significant interest from investors in the Indian primary market.
On the first day of bidding, the IPO was subscribed 2.01 times overall, indicating a strong response. According to data from the Bombay Stock Exchange (BSE), the portion allocated for retail investors was subscribed 2.61 times, while non-institutional investors (NIIs) subscribed 3.27 times. The qualified institutional buyers (QIB) portion exhibited minimal subscription at 0.01 percent.
The positive sentiment surrounding the PN Gadgil Jewellers IPO extended into the grey market, where shares were reportedly available at a premium of ₹258, equating to approximately 53 percent of the upper price band set for the IPO.
The bidding process for this significant public issue will remain open until September 12, 2024, with the allotment of shares likely to be finalized on September 13, 2024. Given the ‘T+3’ listing rule, the anticipated listing date for PN Gadgil Jewellers IPO is September 17, 2024.
Pn Gadgil Jewellers aims to raise ₹1,100 crore through this IPO, which consists of both fresh shares and an offer for sale (OFS). The price band has been set between ₹456 and ₹480 per equity share, with the company intending to raise ₹850 crore through fresh share issuance, while the remaining ₹250 crore is allocated for the OFS.
Leading the IPO process are Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, and BoB Capital Market Limited as the appointed Lead Managers. Bigshare Services Private Limited has been designated as the official registrar for the PN Gadgil Jewellers IPO.