Wed Sep 11 05:00:35 UTC 2024: ## PN Gadgil Jewellers IPO Oversubscribed on Day One
**New Delhi:** The highly anticipated initial public offering (IPO) of PN Gadgil Jewellers Ltd has been met with strong investor interest, achieving full subscription within the first few hours of opening on Tuesday.
The ₹1,100 crore IPO, which seeks to raise funds for expansion and debt repayment, received bids for 1,88,10,800 shares against 1,68,85,964 shares on offer, translating to a 1.11 times subscription. The retail investors’ quota was particularly popular, drawing 1.60 times subscription, while the non-institutional investor portion received 1.47 times subscription.
The Maharashtra-based company, known for its wide range of gold, silver, platinum and diamond jewellery, previously raised ₹330 crore from anchor investors. The IPO, which is expected to close on September 12, has a price band of ₹456-480 per share.
The IPO comprises a fresh issue of equity shares worth up to ₹850 crore and an offer for sale (OFS) of equity shares worth ₹250 crore by promoter SVG Business Trust. Funds raised through the fresh issue will be utilized for setting up 12 new stores in Maharashtra, repayment of existing debt, and general corporate purposes.
PN Gadgil Jewellers sells its products under its flagship brand ‘PNG’ and various sub-brands through its network of 39 retail stores and online marketplaces. Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd and BOB Capital Markets Ltd are the book-running lead managers to the issue.
First Piper 