Fri Sep 13 10:47:55 UTC 2024: ## PN Gadgil Jewellers IPO Oversubscribed, Allotment Expected Today

**Pune, India – September 13, 2023** – PN Gadgil Jewellers Ltd’s initial public offering (IPO) has been a resounding success, receiving a whopping 59.41 times oversubscription from investors. The allotment process is expected to be finalized today, September 13, with successful bidders receiving their shares in their demat accounts by September 16. Unsuccessful bidders will receive refunds on the same day.

Investors can check their allotment status online through the BSE and NSE websites or the official portal of the IPO registrar, Bigshare Services Pvt Ltd. The company raised a total of ₹1,100 crore from the IPO, with ₹850 crore coming from a fresh issue of shares and ₹250 crore from an offer-for-sale (OFS) component.

The IPO was priced at a band of ₹456 to ₹480 per share, and the shares are expected to list on both the BSE and NSE on September 17. The strong demand for the IPO is reflected in the grey market premium (GMP) of ₹292 per share, indicating that the shares are trading at a premium of 61% to the issue price in the unlisted market.

The IPO saw significant participation from all categories of investors, with retail investors subscribing 16.58 times, Non-Institutional Investors (NII) subscribing 56.09 times, and Qualified Institutional Buyers (QIB) subscribing 136.85 times.

Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd and BoB Capital Markets Ltd acted as book running lead managers for the IPO.

PN Gadgil Jewellers is the second-largest organized jewellery player in Maharashtra based on the number of stores, as of January 2024. The company is poised to benefit from the growing demand for gold and jewellery in India.

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