PN Gadgil Jewelers IPO Subscription Status: The initial public offering (IPO) of jewelry retail chain PN Gadgil Jewelers Ltd was subscribed 6.88 times on the second day of stock trading on Wednesday. According to the National Stock Exchange (NSE), bids for 1,68,85,964 shares were received against 11,61,92,123 shares in the initial share sale.

The non-institutional investor segment was subscribed 15.74 times while the category for retail individual investors (RII) was subscribed 6.97 times. The quota of qualified institutional buyers (QIBs) was subscribed 8 percent.

PN Gadgil Jewelers Ltd's IPO was fully subscribed within hours of opening for bidding on Tuesday and ended the day with double subscriptions.

Also Read: Stock Market: Sensex, Nifty Settle Lower; Tata Motors, RIL Top Losers

On Monday, PN Gadgil Jewelers Ltd had said it had raised Rs 330 crore from anchor investors.
The IPO will close on September 12. The price band has been fixed at Rs 456-480 per share. The IPO of the Maharashtra-based company combines a fresh issue of equity shares of up to Rs 850 crore and an offer for sale (OFS) of equity shares worth Rs 250 crore by promoter SVG Business Trust.

SVG Business Trust currently holds a 99.9 percent stake in PN Gadgil Jewellers. Of the proceeds from the fresh issue, Rs 393 crore will be used for expenditure towards setting up 12 new stores in Maharashtra, and Rs 300 crore will be used for debt repayment, besides a portion for general corporate work as well.

PN Gadgil Jewelers Limited offers precious metal/jewelry products including gold, silver, platinum, and diamond jewelry at various prices and designs.

The company's products are primarily sold under its flagship brand ‘PNG’. It has various sub-brands as well. the company sells product through multiple channels, including 39 retail stores (as of 31 July 2024) and various online marketplaces including websites.

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

PN Gadgil Jewelers IPO GMP Today

The shares of P N Gadgil Jewelers are trading with a Rs 256 premium in the grey market. According to Investorgain, the shares are trading at Rs 738 per share, 53% up against the IPO's issue price (Rs 480).

Also Read: PPF Investment: Know How Much Fund You Can Create In 15 Years With Monthly Investment Of Rs 2,000, 3,000 And 5,000

(With PTI's Input)