P N Gadgil Jewellers share price made a stellar debut on the bourses today. On NSE, P N Gadgil Jewellers share price opened at ₹830 per share, 72.92% higher than the issue price of ₹480. On BSE, P N Gadgil Jewellers share price today opened at ₹834 apiece, up 73.75% than the issue price.
Market experts anticipated P N Gadgil Jewellers share price to open with a premium of 50% - 63%.
The IPO subscription of P N Gadgil Jewellers began on Tuesday, September 10, and ended on Thursday, September 12. The jewellery retail chain PN Gadgil Jewellers Ltd's initial public offer was oversubscribed by 59.41 times on the final day of bidding, as per BSE data.
The quota for Qualified Institutional Buyers (QIBs) received a subscription of 136.85 times while the non-institutional investor category was oversubscribed by 56.09 times. Retail Individual Investors (RIIs) saw a subscription of 16.58 times. The PN Gadgil Jewellers IPO was fully subscribed within hours of opening for bidding on Tuesday and ended the day with a two-time subscription.
PN Gadgil Jewellers IPO raised ₹330 crore from major investors. The issue's price band has been set at ₹456-480 per share. The lot size for the issue is 31 equity shares, and it can be increased in multiples of 31 equity shares thereafter.
P N Gadgil Jewellers IPO has reserved not more than 50% of the shares in the public issue for QIB, not less than 15% for NII, and not less than 35% of the offer is reserved for retail investors.
P N Gadgil Jewellers was founded in 2013 and provides a broad selection of jewellery and precious metal goods in a variety of pricing points and styles, including gold, silver, platinum, and diamond jewellery under the "PNG" brand.
The issue size would consist of an offer by SVG Business Trust to sell up to ₹250 crore and a fresh issue of ₹850 crore.
The jewellery company intends to allocate ₹300 crore towards settling debt and intends to deploy ₹387 crore from the new offering's proceeds to establish 12 stores in Maharashtra by FY26. The remaining funds will be used for regular business requirements. As of February 29, the firm had a debt of ₹377.45 crore.
P N Gadgil Jewellers IPO's book running lead managers are Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and Bob Capital Markets Ltd, with Bigshare Services Pvt Ltd serving as the registrar for the issue.
P N Gadgil Jewellers IPO GMP today or grey market premium is +303.50. This indicates P N Gadgil Jewellers share price were trading at a premium of ₹303.50 in the grey market, according to investorgain.com.
The expected listing price of P N Gadgil Jewellers shares was indicated at ₹783.5 apiece, which is 63.23% more than the IPO price of ₹480, taking into account the top end of the IPO pricing band and the going rate in the grey market.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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