Last Updated: September 11, 2024 | 5:34 PM IST
The initial public offering (IPO) of P N Gadgil Jewellers has garnered significant interest, with the issue being oversubscribed by 6.88 times. As of 16:54 IST on Wednesday, September 11, 2024, the IPO received a total of 11,61,92,123 bids for shares, compared to the 1,68,85,964 shares available.
The IPO, which opened for bidding on September 10, 2024, is set to close on September 12, 2024. The price band for the shares is between Rs 456 and Rs 480 each, with investors required to bid for a minimum of 31 shares, and in multiples thereof.
Details of the IPO:
- Fresh Issue: Equity shares worth up to Rs 850 crore
- Offer for Sale (OFS): Up to Rs 250 crore by SVG Business Trust
- Use of Funds:
- Rs 392.5 crore for expanding the retail network with 12 new stores in Maharashtra
- Rs 300 crore for repaying or pre-paying certain borrowings
- General corporate purposes
The promoters and promoter group currently hold 100% of the pre-IPO equity share capital. Post-IPO, their ownership is expected to be around 83.11%. Prior to the IPO, P N Gadgil Jewellers raised Rs 329.99 crore from anchor investors on September 9, 2024. The company allocated 68.74 lakh shares at Rs 480 each to 33 anchor investors.
P N Gadgil is the second-largest jewellery retailer in Maharashtra in terms of store count as of January 2024. The company offers a wide range of precious metals and jewelry products, including gold, silver, platinum, and diamonds, available through various retail stores, online marketplaces, and their own website. The PNG Jewellers mobile app, launched in March 2022, helps customers stay updated on new designs and collections.
For the fiscal year ending March 31, 2024, P N Gadgil Jewellers reported a consolidated net profit of Rs 154.34 crore and sales of Rs 6,110.95 crore.