Connect with us

Business

PN Gadgil Jewellers IPO Sees Strong Opening Day Subscription

Published

on

Pn Gadgil Jewellers Ipo

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.

Rachel Adams

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.

Recent Posts