PN Gadgil Jewellers’ Rs. 1,100-Crore IPO fully subscribed within hours; over-subscribed 2.01x on day 1 

Ahead of the IPO, PN Gadgil Jewellers secured Rs. 330 crore from anchor investors by allotting 68.74 lakh shares 

Mumbai: PN Gadgil Jewellers’ initial public offering (IPO), valued at Rs. 1,100 crore, was fully subscribed within just a few hours of its opening on Tuesday. By the end of the first day, the IPO was oversubscribed by 2.01 times, reflecting robust interest from retail investors. 

The Maharashtra-based jeweller’s IPO saw bids for over 3.38 crore shares, surpassing the 1.68 crore shares available. The non-institutional investor segment was particularly popular, receiving a subscription rate of 3.26 times, while the Retail Individual Investors (RIIs) portion was subscribed 2.61 times. The initial share sale will conclude on September 12. The price band has been fixed at Rs. 456-480 per share. The shares of the mainboard issue will be listed on September 17. 

Ahead of the IPO, PN Gadgil Jewellers secured Rs. 330 crore from anchor investors by allotting 68.74 lakh shares. Notable participants in this anchor round included prominent mutual funds such as HDFC Mutual Fund, Tata Mutual Fund, and LIC Mutual Fund, as well as global entities like Invesco India and Citigroup. Shares were allocated at the upper end of the price band, set at Rs. 480 per share. 

The IPO, which includes a fresh equity issue of up to Rs. 850 crore and an offer for sale (OFS) worth Rs. 250 crore by SVG Business Trust, will close on September 12. The shares are expected to list on the stock exchanges on September 17. SVG Business Trust currently holds a 99.9% stake in PN Gadgil Jewellers. 

With the high level of interest and substantial backing from anchor investors, the IPO is set to mark a significant event in the Indian capital markets. 
 
Retail jeweller India News