PN Gadgil Jewellers IPO Share Listing Price Update; BSE NSE | Business News | PN Gadgil Jewellers shares up 73.75%, listed at ₹834: Issue price was ₹480; Company sells precious jewellery including gold, silver, diamonds

PN Gadgil Jewelers Limited shares were listed on the Bombay Stock Exchange (BSE) at ₹ 834, up 73.75% from the issue price. On the National Stock Exchange (NSE), the shares were listed at ₹ 830, up 72.91% from the issue price. The issue price of this initial public offering was ₹ 480.

This IPO was open for bidding from September 10 to September 12. In three trading days, the IPO was subscribed a total of 59.41 times. The retail category was subscribed 16.58 times, qualified institutional buyers (QIB) 136.85 times and non-institutional investors (NII) category 56.08 times.

The issue of PN Gadgil Jewelers was worth ₹1,100 crore

This issue of PN Gadgil Jewelers was worth a total of ₹1,100 crores. For this, the company issued 17,708,334 fresh shares worth ₹850 crores. Whereas, the existing investors of the company sold 5,208,333 shares worth ₹250 crores through Offer for Sale i.e. OFS.

Retail investors could bid for a maximum of 403 shares

PN Gadgil Jewelers had fixed the price band of the issue at ₹456 to ₹480. Retail investors could bid for a minimum of one lot i.e. 31 shares. If you had applied for 1 lot as per the upper price band of the IPO of ₹480, you would have had to invest ₹14,880 for it.

At the same time, retail investors could apply for a maximum of 13 lots i.e. 403 shares. For this, investors would have to invest ₹ 193,440 according to the upper price band.

35% of the issue was reserved for retail investors

The company has reserved 50% of the issue for qualified institutional buyers (QIB). Apart from this, 35% is reserved for retail investors and the remaining 15% is reserved for non-institutional investors (NII).

PN Gadgil Jewellers Limited was established in 2013

PN Gadgil Jewelers Limited was founded in 2013. The company sells precious jewelry including gold, silver, platinum and diamonds under the brand name PNG. As of 31 December 2023, the company had a total of 33 stores, including 32 stores in 18 cities in Maharashtra and Goa and one store in the US.

What is IPO?

When a company issues its shares to the general public for the first time, it is called Initial Public Offering or IPO. The company needs money to expand its business. In such a situation, instead of taking a loan from the market, the company raises money by selling some shares to the public or by issuing new shares. For this, the company brings IPO.