Wed Sep 11 06:59:58 UTC 2024: ## PN Gadgil Jewellers IPO Over-Subscribed on Day 2, Anchor Investors Pour in ₹330 Crore

**Mumbai, September 11, 2024** – The initial public offering (IPO) of PN Gadgil Jewellers, the Maharashtra-based jewellery retailer, has received a strong response on its second day. The ₹1,100 crore IPO, with a price band of ₹456-480 per share, has been subscribed twice over.

The IPO, which closes on Thursday, September 12, is a combination of a fresh issue worth ₹850 crore and an offer for sale (OFS) of ₹250 crore by promoter SVG Business Trust.

The IPO has attracted significant investor interest, with the retail portion subscribed 2.61 times and the non-institutional investor (NII) portion subscribed 3.27 times. The qualified institutional buyers (QIB) portion is yet to be finalized.

PN Gadgil Jewellers on Monday secured ₹330 crore from anchor investors, including prominent names like ICICI Prudential Life Insurance Company, Tata Mutual Fund, Axis MF, and Goldman Sachs. The company allocated 68.75 lakh shares to 33 funds at ₹480 apiece.

The company plans to utilize the proceeds from the fresh issue to establish 12 new stores in Maharashtra, pay off debt, and for general corporate purposes. As of March 2024, PN Gadgil Jewellers held total borrowings of approximately ₹397 crore.

PN Gadgil Jewellers offers a diverse range of gold, silver, platinum, and diamond jewellery through its flagship brand ‘PNG’ and various sub-brands. The company operates 39 retail stores and also sells its products online.

Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are the book-running lead managers for the issue.

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