The jewellery retail chain PN Gadgil Jewellers Ltd.'s initial public offering was fully subscribed in the first few hours after it opened for bids on Tuesday.
According to consolidated bid data on the national stock exchange as of 2.30 pm, the bids were received for 8,48,05,584 shares of the Rs 1,100 crore initial share sale, against 1,68,85,964 shares on offer. This translates into a 5.02-time subscription.
When compared to the portion booked for non-institutional investors, which was subscribed 10.70 times, the quota for retail individual investors (RIIs) received subscriptions 5.43 times over.
Anchor investment
The Maharashtra-based company raised Rs 330 crore in the anchor round on Monday, prior to the IPO, from investors including Troo Capital, Citigroup Global Markets Mauritius, Societe Generale, Goldman Sachs (Singapore) Pte, Tata Mutual Fund (MF), Mirae Asset MF, Axis MF, HDFC MF, Nippon India MF, and Bandhan MF.
33 funds received 68.75 lakh shares from the company, priced at Rs 480 per unit, the highest possible amount.
IPO size and structure
PN Gadgil Jewellers intends to raise a total of Rs 1,100 crore through its initial public offering (IPO). This comprises an offer-for-sale (OFS) by the company's promoter, SVG Business Trust, of up to 52,08,333 equity shares, valued at Rs 250 crore, as well as a fresh share sale worth Rs 850 crore.
Price band and subscription timetable
The PN Gadgil Jewellers IPO's subscription period opened on september 9 The jewellery retail chain's initial public offering (IPO) is set to end on September 12 and has a price range of Rs 456–Rs 480 per share.
Use of IPO proceeds
The money raised will go towards capital expenditures like opening new stores in Maharashtra, general corporate purposes, and debt repayment.
Company's financials
For the six months ended September 30, 2023, the company reported a net profit of Rs 43.75 crore on revenue of Rs 2,631.15 crore. The company's revenue for the fiscal year ended March 31, 2023, was Rs 4,559.31 crore, and its net profit for the same period was Rs 93.7 crore.
