Primary market action: PN Gadgil Jewellers shares list at 73% premium, Sodhani Academy IPO closes with bumper subscription

The investors kept a close watch on the IPO space on Tuesday, September 17, with one SME public offer opening for subscription and two companies making their market debut.

PN Gadgil Jewellers Limited shares made a stellar debut with the stock listing at a 73% premium on the NSE against the IPO price, while SPP Polymer shares made a muted debut on the NSE SME platform.

The BSE SME IPO of Paramount Speciality Forgings Limited also opened for bidding on Wednesday while the Sodhani Academy IPO closed for bidding with a bumper subscription.

Here’s a look at all the primary market activity on September 17:

PN Gadgil Jewellers makes a stellar debut

PN Gadgil Jewellers shares made a bumper debut on the NSE and BSE. The stock listed at ₹830 apiece on the NSE, a premium of nearly 73% against the issue price of ₹480 per share. The stock declined nearly 6% against its listing price to hit an intraday low of ₹781.5 apiece. However, it recovered some losses to close at ₹787.9, down by 5.07%, on the NSE. The stock listed with a premium of nearly 74% at ₹834 apiece on the BSE.

PN Gadgil Jewellers aimed to raise ₹1,100 crore via its public issue. The IPO consisted of a fresh issue of 1.77 crore shares amounting to ₹850 crore along with an offer for sale of 52 lakh shares aggregating to ₹250 crore. P N Gadgil Jewellers IPO was open from subscription from September 10 to September 12.

SPP Polymer shares make muted debut

SPP Polymer shares made a lacklustre debut on the NSE SME platform, Emerge, listing at ₹63 apiece, at a premium of over 6% against the issue price of ₹59 per share. The stock declined 5% after listing and was locked at its lower circuit limit of ₹59.85.

SPP Polymer IPO, worth ₹24.49 crore, consisted of an entirely fresh issue of 41.5 lakh shares. The issue was open for subscription from September 10 to September 12.

Paramount Speciality Forgings IPO Fully Subscribed On Day 1

Paramount Speciality Forgings IPO (Paramount Speciality Forgings Limited IPO) opened for subscription on September 17 and was fully booked within a few hours. Paramount Speciality Forgings IPO received bids for more than 70,48,000 lakh shares against 36,46,000 lakh shares offered for subscription. The issue was booked 1.93 times on the first day of bidding.

The company's IPO was booked 2.74 times in the retail category and 1.09 times in the NIIs category on the first day of subscription. The public offer was booked 1.14 times in the Qualified Institutional Buyers (QIBs) category.

The IPO is worth ₹32.34 crore and consists of a fresh issuance of 48.02 lakh shares aimed at raising ₹28.33 crore along with an offer for sale of 6.8 lakh shares amounting to ₹4.01 crore. Paramount Speciality Forgings IPO price band was fixed at ₹57 to ₹59 per share.

The IPO subscription window is scheduled to close on September 20. Shares of Paramount Speciality Forgings will be listed on the NSE SME platform with a tentative listing date fixed as September 25.

Sodhani Academy IPO

Sodhani Academy of Fintech Enablers IPO was oversubscribed more than 438 times on the final day of subscription. Sodhani Academy of Fintech Enablers IPO was booked 358.23 times in the retail category and 511.45 times in the NII category. QIBs placed bids for 55.35 lakh shares of the company.

The company aims to raise ₹6.12 crore via its public issue. Sodhani Academy of Fintech Enablers IPO consists of a fresh issue of 9.7 lakh shares amounting to ₹3.88 crore along with an offer for sale of 5.6 lakh shares amounting to ₹2.24 crore.

Sodhani Academy IPO share allotment status is likely to be finalised on Wednesday, September 18. The tentative listing date for Sodhani Academy IPO is September 20. Shares of Sodhani Academy of Fintech Enablers will list on the BSE SME platform.