Business
PN Gadgil Jewellers IPO Sees Massive Oversubscription; Allotment Status Finalized
The allotment of shares for PN Gadgil Jewellers’ Initial Public Offering (IPO) is anticipated to be finalized today, following the closure of a highly successful three-day subscription window. The public issue, which was priced between Rs 456-480, attracted considerable investor interest, leading to an oversubscription of 59.41 times.
A staggering total of 1,00,31,53,273 bids were received for the 1,68,85,964 shares offered, reflecting intense demand and a successful subscription period.
The IPO drew the highest interest from Qualified Institutional Buyers (QIBs), who placed bids 136.85 times the allotted quota. Non-Institutional Investors showed significant interest with a subscription of 56.09 times their quota, while the Retail Individual Investors (RIIs) section saw a subscription rate of 16.58 times, according to data from the National Stock Exchange (NSE).
The shares of PN Gadgil Jewellers are scheduled to be allotted today. Investors can check the allotment status through the official websites of the Bombay Stock Exchange (BSE), NSE, or Bigshare Services, which is managing the IPO issue. Direct links are also available for investors to access the allotment status on these platforms.
Meanwhile, PN Gadgil Jewellers’ shares continue to observe a strong premium in grey markets, with Shree Tirupati Balajee shares trading at a premium of Rs 333 or 69.38 percent over the IPO price’s upper band. This indicates a likely robust listing performance on the stock exchanges.
The shares of PN Gadgil Jewellers are expected to debut on the stock markets on Tuesday, September 17, 2024, by listing on both the BSE and NSE. Based on current grey market trends, it is anticipated that the shares may list at approximately Rs 813, marking a premium close to 70 percent from the upper issue price band.