The PN Gadgil Jewelers Limited IPO has generated significant interest from investors, who are now eagerly awaiting its listing.
The IPO saw an impressive subscription rate of 59.41 times on the final day of bidding.
The National Stock Exchange (NSE) data indicates that bids were received for 1,00,31,19,142 shares,
compared to the 1,68,85,964 shares offered in the initial share sale, which was valued at Rs 1100 crore.
The breakdown of subscriptions is as follows:
Qualified Institutional Buyers (QIBs): 136.85 times
Non-Institutional Investors: 56.08 times
Retail Individual Investors (RIIs): 16.58 times
The IPO was fully subscribed within hours of opening on Tuesday, and by the end of the day, it was oversubscribed two times.
Previously, PN Gadgil Jewelers Limited had secured Rs 330 crore from anchor investors.
Grey Market Premium and Listing Expectations
The IPO’s issue price is set between Rs 456 and Rs 480 per share. In the grey market, the premium is currently around Rs 340.
This suggests that the IPO could list at approximately Rs 820 per share, representing a potential premium of about 71%.
However, it is important to note that the grey market premium is not a guarantee of the final listing price but rather an indicative figure.
IPO Structure and Listing Date
The IPO consists of a new issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares amounting to Rs 250 crore by promoter SVG Business Trust.
Currently, SVG Business Trust holds a 99.9% stake in PN Gadgil Jewelers. The estimated date for the IPO listing is September 17, 2024.
