PN Gadgil Jewelers IPO:  The initial public offering of jewelry retail chain PN Gadgil Jewelers Ltd was completely subscribed within the first few hours of bidding opening on Tuesday. As of 13:48 hrs, initial share sale bids worth Rs 1,100 crore were received for 1,88,10,800 shares against 1,68,85,964 shares, which translates to 1.11 times subscription, according to NSE data.

The quota of retail individual investors (RIIs) achieved 1.60 times subscriptions compared to 1.47 times bookings for non-institutional investors.

PN Gadgil Jewelers Ltd on Monday said it had raised Rs 330 crore from anchor investors. The initial public offer (IPO) will close on September 12. The price band has been set at Rs 456-480 per share.

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The IPO of the Maharashtra-based company combines a fresh issue of up to Rs 850 crore of equity shares and an offer for sale (OFS) of Rs 250 crore of equity shares by promoter SVG Business Trust.

SVG Business Trust currently holds a 99.9 percent stake in PN Gadgil Jewellers.

Of the fresh issue proceeds, Rs 393 crore will be used to fund expenditure towards setting up 12 new stores in Maharashtra, Rs 300 crore will be used for debt repayment, besides a portion will also be used for general corporate work.

PN Gadgil Jewelers Limited offers a wide range of precious metals/jewelry products including gold, silver, platinum, and diamond jewelry across a variety of prices 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 31 July 2024) and various online marketplaces including websites.

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Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are the lead managers running the books on the issue.

(With PTI's Input)