Thu Sep 12 05:36:54 UTC 2024: ## PN Gadgil Jewellers IPO Oversubscribed by 60 Times, Analysts Recommend ‘Subscribe’

**Pune, India (September 12, 2024):** The initial public offering (IPO) of PN Gadgil Jewellers Ltd., a well-established jewelry brand in Maharashtra, has received an overwhelming response from investors. With a price band fixed at Rs 456 to Rs 480 per share, the IPO, which closed on September 12, was subscribed a whopping 60 times.

The portion for non-institutional investors was booked 56.08 times, while the quota for Retail Individual Investors (RIIs) saw 16.56 times subscription. Qualified Institutional Buyers (QIBs) showed the strongest interest, subscribing to the IPO by 136.85 times.

The IPO, which opened for public subscription on Tuesday, September 10, raised Rs 330 crore from anchor investors ahead of the IPO. The allotment is set to be finalized on September 13, and the shares are scheduled to be listed on September 17.

Market observers note that unlisted shares of PN Gadgil Jewellers are trading Rs 308 higher in the grey market than the issue price, suggesting a potential listing gain of 64.17%.

**Analysts’ Positive Outlook:**

Several analysts have recommended subscribing to the IPO, citing the company’s strong brand, business outlook, and profitable growth.

Canara Securities highlighted PN Gadgil’s established presence in Maharashtra with 38 stores and a vast inventory. Anand Rathi pointed to the company’s stable and growing profits, while Nirmal Bang emphasized its efficient operations and strong return ratios. Other major brokerage firms, including Stoxbox, BP Wealth, Swastika, and Choice, have also given the IPO a “Buy” rating.

**Company Highlights:**

* PN Gadgil Jewellers offers a wide range of gold, silver, platinum, and diamond jewelry across various price points and designs.
* The company operates under its flagship brand, “PNG,” and sub-brands, through 39 retail stores and online marketplaces.
* The IPO will see a fresh issue of equity shares worth Rs 850 crore and an offer for sale (OFS) of equity shares worth Rs 250 crore by promoter SVG Business Trust.
* Proceeds from the fresh issue will be used to set up new stores in Maharashtra, pay debt, and for general corporate purposes.

The strong subscription and positive analyst sentiments suggest that PN Gadgil Jewellers’ IPO is likely to be a success story.

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