The minimum lot size for retail investors is 31 shares.
Leading jewellery firm P N Gadgil Jewellers Ltd on Tuesday opened its initial public offering (IPO) for subscription. It will remain open for bidding till Friday, September 12. The price band of this IPO has been fixed between ₹ 456 to ₹ 480, with a minimum lot size of 31 shares for retail investors. The company aims to raise ₹ 1,100 crore from this IPO. According to a report in Livemint, this includes a fresh issue of equity shares with face value of ₹ 10, totalling ₹ 850 crore, and an offer for sale of equity shares with face value of ₹ 10, totalling ₹ 250 crore by the promoter SVG Business Trust.
How many shares are reserved for whom
In the IPO of P N Gadgil Jewelers, 50 per cent shares have been allotted to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors (NIIs) and 35 per cent to retail investors. The company will use the funds raised to set up 12 new stores in Maharashtra, repay or pre-pay existing borrowings in part or full and for general corporate purposes and other purposes.
IPO Manager
Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited) and BOB Capital Markets Limited are the bookrunning lead managers to the offering. The Company is a leading player in the organised jewellery sector in Maharashtra, which is one of the largest markets in India for BIS-registered jewellery stores. As of January 2024, it is the second largest in terms of number of stores.
IPO GMP Today
P N Gadgil Jewellers IPO GMP is grey market premium, +230 on Tuesday. According to Investorgain.com, this shows that the share price of P N Gadgil Jewellers was trading at a premium of ₹230 in the grey market. Considering the upper end of the IPO price band and the existing premium in the grey market, the estimated listing price of P N Gadgil Jewellers shares is indicated at ₹710 per share, up 47.92 per cent from the IPO price of ₹480.
Allotment and Listing Date
Allotment of shares for P N Gadgil Jewelers IPO is to be finalized on September 13. The company will start refunds on September 16-17 and after the refund process, the shares will be credited to the demat account of the allottees on the same day. P N Gadgil Jewelers share price is likely to be listed on BSE and NSE on September 18.
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