Fri Sep 13 04:57:50 UTC 2024: ## PN Gadgil Jewellers IPO Over-Subscribed by 59 Times, Listing Expected on September 17

**Mumbai, India:** The initial public offering (IPO) of PN Gadgil Jewellers Ltd. was a resounding success, with investors eagerly subscribing to the offering. The IPO, which concluded on Thursday, was oversubscribed by a whopping 59.41 times, primarily driven by strong demand from Qualified Institutional Buyers (QIBs).

The Rs 1,100 crore IPO witnessed bids for 1,00,31,53,273 shares against the 1,68,85,964 shares on offer. QIBs alone subscribed 136.85 times their allotted quota, while non-institutional investors subscribed 56.09 times. Retail Individual Investors (RIIs) showed strong interest as well, subscribing 16.58 times.

The Maharashtra-based jeweler plans to use the fresh issue proceeds of Rs 850 crore to expand its retail presence by setting up 12 new stores in the state. Additionally, Rs 300 crore will be used to repay debt, while the remaining portion will be allocated to general corporate purposes.

PN Gadgil Jewellers offers a wide range of gold, silver, platinum, and diamond jewelry, catering to diverse price points and designs. The company’s products are sold under the ‘PNG’ flagship brand and various sub-brands, through its 39 retail stores and online marketplaces.

The allotment for the IPO will be finalized on Friday, September 13. The company’s shares are expected to list on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) on September 17. Investors can check their allotment status on the respective platforms or through Bigshare Services Pvt. Ltd.

Despite the strong performance of the IPO, investors are advised to consult with financial advisors before making any investment decisions.

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