Wed Sep 11 00:59:59 UTC 2024: ## P N Gadgil Jewellers IPO Opens Today, Attracts Strong Interest

**Mumbai, September 10, 2024:** P N Gadgil Jewellers, one of India’s oldest jewellery companies, has launched its initial public offering (IPO) today, attracting significant investor attention. The IPO, which aims to raise Rs 1,100 crore, will conclude on September 12.

The company, headquartered in Maharashtra, is offering a fresh issuance of equity shares worth Rs 850 crore and an offer for sale of Rs 250 crore. The face value of each share is Rs 10.

The IPO has allocated 50% of the shares to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to retail investors.

P N Gadgil Jewellers has already secured Rs 330 crore from 33 anchor investors, including prominent names like HDFC Trustee, Axis Mutual Fund, and Goldman Sachs, selling 68.75 lakh shares at Rs 480 each.

The IPO is currently trading at a grey market premium (GMP) of Rs 255, indicating a premium of over 53.12%. This strong investor interest suggests a positive outlook for the company’s debut on the Dalal Street on September 17.

The company plans to utilize the proceeds from the IPO for expansion, including the opening of 12 new stores in Maharashtra. They will also allocate a portion of the funds to repay existing debt.

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