Wed Sep 11 05:00:33 UTC 2024: ## P N Gadgil Jewellers IPO Oversubscribed, Strong Listing Expected

**Pune, India – September 11, 2024** – The initial public offering (IPO) of P N Gadgil Jewellers Ltd, a leading jewellery retailer in Maharashtra, was fully subscribed within hours of opening on Tuesday, concluding the day with a two-time subscription. The strong demand reflects investor confidence in the company’s growth prospects and the burgeoning Indian jewellery market.

The IPO, which is set to close on September 12, offered shares at a price band of ₹456-480 per share. The issue has been reserved for qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail investors, with the retail portion receiving the highest subscription at 2.61 times.

P N Gadgil Jewellers, a sixth-generation family-run business, boasts a network of 39 retail outlets across India. The company has emerged as the largest market for BIS-registered jewellery shops in India and the second-largest organized jewellery retailer in Maharashtra.

The company’s strong financial performance, with a 27.31% return on equity (ROE) and 28.88% return on capital employed (ROCE) in FY24, has fueled investor interest. P N Gadgil Jewellers plans to utilize the IPO proceeds to expand its network by opening 12 new stores in Maharashtra by FY26.

The grey market premium (GMP) for the IPO has surged to ₹258, indicating investors are willing to pay significantly more than the issue price. Experts predict a strong listing, with the estimated listing price ranging from ₹738 to ₹788 per share.

Brokers are optimistic about the IPO, citing the company’s strong financial performance, growth potential, and the expansion of the organized jewellery sector in India. They recommend a “SUBSCRIBE” rating for the IPO, considering it a long-term investment opportunity.

The P N Gadgil Jewellers IPO represents a positive development for the Indian jewellery market, which is expected to reach US$145 billion by FY28. The company’s success in the IPO signifies investor confidence in the growth potential of the sector and the company’s position as a leader in the market.

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