Fri Sep 13 08:17:14 UTC 2024: ## PN Gadgil Jewellers IPO Allotment Expected This Friday, Listing on Tuesday

**Pune, India** – PN Gadgil Jewellers, the well-known jewellery retailer, is expected to finalize the basis of allotment for its recently concluded initial public offering (IPO) this Friday, September 13th. Investors who participated in the IPO can expect to receive messages, alerts, or emails regarding the debit of their funds or revocation of their IPO mandates over the weekend or by Monday.

The IPO, which ran from September 10th to 12th, saw strong investor interest, with the issue being oversubscribed a significant 59.41 times. Qualified Institutional Bidders (QIBs) were particularly enthusiastic, with their allocation being subscribed 136.85 times. Non-institutional investors (NIIs) subscribed 56.09 times, while retail investors subscribed 16.58 times.

The company, known for its wide range of gold, silver, platinum, and diamond jewellery under the “PNG” brand, was seeking to raise around Rs 160.01 crore through the IPO. This included a fresh share sale of Rs 104 crore and an offer-for-sale (OFS) of 35.01 lakh shares.

The strong demand for the IPO has led to a significant grey market premium (GMP) of Rs 330-335 per share, suggesting a potential listing pop of about 70% for investors. This is up from the Rs 265-270 GMP observed a day ago.

Brokerage firms have generally been positive on the PN Gadgil IPO, citing its strong presence in Western India, experienced management, sound financial track record, and expansion plans. However, they also highlighted potential risks, including rich valuations, fluctuations in gold prices, high working capital needs, and geographical concentration.

Investors can check their allotment status on the Bombay Stock Exchange (BSE) website or on the online portal of Bigshare Services Limited, the registrar to the issue.

The company’s shares are scheduled to be listed on the bourses on Tuesday, September 17th.

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