PN Gadgil Jewellers has opened its Initial Public Offering (IPO) for investors with a target to raise Rs 1,100 crore.
The company, a prominent jewelry brand in Maharashtra, will keep the issue open until September 12, 2024.
The price band for shares with a face value of Rs 10 has been set between Rs 456 to Rs 480 per share.
If you’re considering investing in this jewelry brand’s IPO, here are the important details, including its Grey Market Premium (GMP).
Funds Raised from Anchor Investors
Before opening to the general public on September 10, the IPO was available to anchor investors on Monday.
Through this round, the company raised Rs 330 crore. Prominent investors such as Tata Mutual Fund, Goldman Sachs (Singapore),
ICICI Prudential Life Insurance, Axis Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, and Societe Generale participated in this round.
A total of 6,874,999 equity shares, which represents a 28.93 percent stake, were allotted to anchor investors.
Investment Details for Retail Investors
For this IPO, 20.3 percent of shares have been reserved for Qualified Institutional Buyers (QIB), 15.23 percent for Non-Institutional Investors (NII),
and 35.53 percent for retail investors. Out of the total Rs 1,100 crore IPO, Rs 850 crore is through fresh shares and Rs 250 crore via Offer for Sale.
A lot consists of 31 shares, meaning retail investors must invest a minimum of Rs 14,880 and can bid up to Rs 1,93,440. The shares will be listed on both NSE and BSE.
Important Dates of PN Gadgil Jewellers IPO
IPO opening date: Tuesday, 10 September 2024
IPO closing date: Thursday, 12 September 2024
Allotment date: Friday, 13 September 2024
Refund date: Monday, 16 September 2024
Demat account credit date: Monday, 16 September 2024
Listing date: Tuesday, 12 September 2024
Strong Investor Response and Subscription Status
PN Gadgil Jewellers’ IPO has received a positive response from investors. It was fully subscribed on the first day itself.
Non-qualified institutional buyers subscribed to 1.95 percent of their share, while retail investors subscribed to 2.04 times their share.
In total, bids were placed for 2,43,10,479 shares compared to the 1,68,85,964 equity shares available.
Grey Market Premium (GMP)
The grey market is signaling strong potential for the company’s IPO. As of Tuesday, September 10, 2024, the IPO’s GMP was Rs 255.
If this trend continues until the listing date, PN Gadgil Jewellers’ shares may list at Rs 735, reflecting a premium of 53.12 percent.
