PN Gadgil Jewellers IPO: Issue subscribed 1.43 times so far; check price band, lot size, timeline and key details

PN Gadgil Jewellers IPO opened for subscription on Tuesday, September 10. The jewellery retail chain's initial public offering has fixed a price range of ₹456-₹480 per share and will conclude on September 12.

The ₹1,100 crore IPO consists of a fresh issuance of ₹850 crore and an offer for sale (OFS) of shares worth ₹250 crore by promoter SVG Business Trust.

PN Gadgil Jewellers IPO: Subscription status

The issue has been subscribed 1.43 times on the first day of bidding till 3:10 pm.

Before the IPO, the Maharashtra-based company mobilised ₹330 crore in the anchor round on Monday from investors such as Tata Mutual Fund (MF), Mirae Asset MF, Axis MF, HDFC MF, Nippon India MF, Bandhan MF, ICICI Prudential Life Insurance Company, Citigroup Global Markets Mauritius, Goldman Sachs (Singapore) Pte, Societe Generale, The Jupiter Global Fund and Troo Capital.

The company allocated 68.75 lakh shares to 33 funds at ₹480 a unit, the upper end of the price band.

The money raised will be used for capital expenditures, including setting up new stores in Maharashtra, repaying debt, and for general corporate purposes.

PN Gadgil Jewellers IPO: Timeline

• Bidding period: September 10-September 12
• Allotment finalisation: September 13
• Refund initiation: September 16
• Demat transfer: September 16
• Listing: September 17

About PN Gadgil Jewellers

PN Gadgil Jewellers Ltd provides precious metal/jewellery products, including platinum, diamond, gold, and silver jewellery, at various price points and designs.

Its products are primarily sold under its flagship brand, 'PNG', and various sub-brands via multiple channels, including 39 retail stores (as of July 31, 2024) and online marketplaces, including websites.