Fri Sep 13 10:47:55 UTC 2024: ## PN Gadgil Jewellers IPO Over-Subscribed 59 Times, Listing Set for September 17

**MUMBAI, INDIA – September 13, 2024** – The highly anticipated Initial Public Offering (IPO) of PN Gadgil Jewellers saw a resounding success, closing with an oversubscription of 59.41 times on the final day of bidding on September 12. The IPO is expected to be listed on both the BSE and NSE on September 17.

The strong demand came largely from Qualified Institutional Buyers (QIBs), with investors bidding for over 100.31 crore shares against the 1.68 crore shares available for subscription.

The ₹1,100 crore mainboard public offer comprised a fresh issue of 1.77 crore shares to raise ₹850 crore and an offer-for-sale (OFS) component of 52 lakh shares worth ₹250 crore. The IPO’s price band was fixed between ₹456 and ₹480 per share.

PN Gadgil Jewellers, established in 2013, is a prominent organized jewellery player in Maharashtra, known for its wide range of precious metal and jewellery products under the ‘PNG’ brand. They offer gold, silver, platinum, and diamond jewellery in various designs and price ranges, catering to diverse customer preferences.

The company plans to use the proceeds from the IPO to establish 12 new stores in Maharashtra, expanding its retail presence in the region. They will also allocate funds towards repaying existing borrowings and for general corporate purposes.

Investors can check the IPO allotment status on the NSE using their PAN and application number. The final allocation details will be available after the company finalizes the share allocation.

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