PN Gadgil is a Mumbai based jewellery company.
PN Gadgil Jewelers shares got a spectacular listing on the stock market on Tuesday. The company’s share price made a great debut today. The share price of PN Gadgil Jewelers opened at ₹ 830 per share on the National Stock Exchange (NSE), which is 72.92% higher than the issue price of ₹ 480. The share price of PN Gadgil Jewelers opened at ₹ 834 per share on the Bombay Stock Exchange (BSE) on the day of listing on September 17, which is 73.75% higher than the issue price. Experts had predicted that the share price of PN Gadgil Jewelers would open with a premium of 50% – 63%.
IPO got strong support
P N Gadgil Jewellers IPO subscription began on Tuesday, September 10, and ended on Thursday, September 12. According to data from the Bombay Stock Exchange (BSE), the initial public offering of jewellery retail chain PN Gadgil Jewellers Ltd was oversubscribed 59.41 times on the last day of bidding.
Who got how much subscription from whom
P N Gadgil Jewellers IPO got 136.85 times subscription to the quota meant for qualified institutional buyers (QIBs), while the non-institutional investor category got oversubscribed by 56.09 times. Similarly, retail individual investors (RIIs) got 16.58 times subscription. PN Gadgil Jewellers IPO was fully subscribed within a few hours of bidding opening on Tuesday and ended with two times subscription by the end of the day.
The company will spend ₹300 crore from the raised amount to repay the loan
The issue comprises an offer for sale of up to ₹250 crore and a fresh issue of ₹850 crore by SVG Business Trust, reports Livemint. The jewellery company intends to allocate ₹300 crore to repay debt and deploy ₹387 crore from the fresh offering proceeds to open 12 stores in Maharashtra by FY26. The remaining funds will be used for regular business requirements. As of February 29, the firm had a debt of ₹377.45 crore.
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