Google News
spot_img

PN Gadgil IPO subscribed 6.88 times on Day 2 of offer

Must Read

The Rs 1,100-crore initial share sale received bids for 11,61,92,123 shares against 1,68,85,964 shares on offer, as per NSE data.

New Delhi: The initial public offering (IPO) of jewellery retail chain PN Gadgil Jewellers Ltd got subscribed 6.88 times on the second day two of the share sale on Wednesday.

The Rs 1,100-crore initial share sale received bids for 11,61,92,123 shares against 1,68,85,964 shares on offer, as per NSE data.

The non-institutional investors portion was subscribed 15.74 times while the category for retail individual Investors (RIIs) received 6.97 times subscriptions. The quota for qualified institutional buyers (QIBs) subscribed to 8%.

The IPO of PN Gadgil Jewellers Ltd was 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 IPO will conclude on September 12. The price band for the offer has been fixed at 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% stake in PN Gadgil Jewellers.

Of the fresh issue proceeds, Rs 393 crore will be utilised for the funding of 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.

Latest News

India emerging as destination for most evolved supply chain capabilities: P&G India CEO

In his keynote address at an event organised by industry body FICCI, Venkatasubramanian said consumer aspirations are evolving "rapidly"...