PN Gadgil Jewelers Share Listing: The public issue of PN Gadgil Jewelers, a company of the jewellery sector, has closed with a subscription of 59.41 times. Now the listing of shares will take place on BSE and NSE on September 17. The public issue of Rs 1,100 crore opened on September 10 and closed on September 12. Meanwhile, new shares worth Rs 850 crore were issued and there was an offer for sale of Rs 250 crore. In the IPO, the reserve portion for qualified institutional buyers was filled 136.85 times, the reserve portion for non-institutional investors was filled 56.08 times and the reserve portion for retail investors was filled 16.58 times.
It is expected that investors may get good benefits from the listing. In the grey market, the company’s shares are trading at a premium of Rs 340 or 70.83 per cent over the IPO’s upper price band of Rs 480. On this basis, the stock may be listed in the stock market at a price of Rs 820.
Selling products under the PNG brand name
The promoters of the company are Saurabh Vidyadhar Gadgil, Radhika Saurabh Gadgil and SVG Business Trust. The company raised Rs 330 crore from anchor investors before the opening of the issue. PN Gadgil Jewellers offers high-end metal/jewellery products including gold, silver, platinum and diamond jewellery under the brand name PNG. PN Gadgil Jewellers IPO saw bidding in a lot size of 31 shares at a price of Rs 456-480 per share.
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Financial position of PN Gadgil Jewellers
The company’s revenue grew 34 per cent to Rs 6,119.1 crore in FY24 from Rs 4,559.31 crore a year ago. Net profit grew 65 per cent to Rs 154.34 crore from Rs 93.7 crore in FY23. The money raised by issuing new shares in the IPO will be used to open 12 new stores in Maharashtra, repay debt partially or fully and for general corporate purposes.
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