Sat Sep 14 05:07:47 UTC 2024: ## PN Gadgil Jewellers IPO Over-Subscribed, Allotment Announced Today

**Mumbai, September 13:** The Initial Public Offering (IPO) of PN Gadgil Jewellers Ltd, a prominent jewellery retailer in Maharashtra, has been a resounding success, receiving bids that were over 59 times the number of shares offered.

Investors can now check their application status online through the BSE and NSE websites, or via the official portal of the IPO registrar, Bigshare Services Pvt Ltd. Allotment of shares to successful bidders will take place on September 16, with refunds being issued to unsuccessful applicants on the same day.

The IPO, which was open for subscription from September 10 to 12, raised a total of ₹1,100 crore. This included a fresh issue of ₹850 crore and an offer-for-sale (OFS) component of ₹250 crore. The shares were sold at a price band of ₹456 to ₹480 per share.

The strong demand for the IPO has led to a significant grey market premium (GMP) of ₹292 per share, indicating investor confidence in the company’s future prospects. This suggests that the estimated listing price on September 17 will be ₹772 per share, a premium of 61% to the issue price.

PN Gadgil Jewellers, currently the second-largest organized jewellery player in Maharashtra based on store count, is set to become the second listed jewellery company from the state, after Kalyan Jewellers India Limited.

The company’s IPO was managed by Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd and BoB Capital Markets Ltd.

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