Daily News
PN Gadgil Jewellers makes stellar market debut with 74% premium
The impressive debut values the company at Rs 10,950.98 crore
New Delhi — PN Gadgil Jewellers Ltd achieved a remarkable market debut on Tuesday, with its shares listing at a substantial premium of nearly 74% above the issue price of Rs 480.
On the Bombay Stock Exchange (BSE), the stock opened at Rs 834, marking a 73.75% increase from the issue price. It later surged by 75.79% to reach Rs 843.80. On the National Stock Exchange (NSE), the shares began trading at Rs 830, representing a rise of 72.91% from the issue price. The debut values the company at Rs. 10,950.98 crore.
The initial public offering (IPO) of PN Gadgil Jewellers Ltd saw overwhelming interest, with the issue being subscribed to 59.41 times on the final day of bidding last Thursday.
“We want to further leverage this platform [exchange] to strengthen our brand and grow more ….and add value to all our stake holders” said Saurabh Gadgil, Managing Director, PN Gadgil Jewellers, at the listing ceremony.
As reported earlier by The Retail Jeweller India News, 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 closed on September 12. The shares were listed on the stock exchange today. SVG Business Trust currently holds a 99.9% stake in PN Gadgil Jewellers.
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