PN Gadgil Jewellers announces IPO price range

Jewellers IPO
Jewellers IPO

PN Gadgil Jewellers’ shares made a strong debut on the stock market, listing at Rs 830 per share on the NSE. This marked a premium of 72.91 percent over the issue price of Rs 480 per share. On the BSE, the shares opened at Rs 834, reflecting a 73.75 percent premium.

The company had raised Rs 330 crore from anchor investors before the IPO. The IPO was oversubscribed 59.41 times on the final day of bidding on September 12.

The Rs 1,100-crore IPO consisted of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale of equity shares worth Rs 250 crore by promoter SVG Business Trust.

The company plans to use Rs 393 crore from the fresh issue to set up 12 new stores in Maharashtra. Rs 300 crore will be used for debt repayment, and the rest will be used for general corporate purposes. PN Gadgil Jewellers Ltd offers a range of precious metal and jewellery products, including gold, silver, platinum, and diamond jewellery.

These products are sold under the ‘PNG’ brand and various sub-brands through 39 retail stores and online marketplaces.

Strong debut for PNG on NSE

The successful listing shows strong investor confidence in the company’s growth prospects and robust demand in the jewellery sector.

Shares of PN Gadgil Jewellers Ltd. listed on the BSE at Rs 834, a premium of almost 73.75% over the issue price of Rs 480 apiece on Tuesday. The stock debuted at Rs 830 per share on the NSE, a premium of 72.92%.

The IPO was subscribed 59.41 times on its third and final day. It consisted of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore. PNG Jewellers’ revenue grew 36% to Rs 6,110.9 crore in fiscal 2024, compared to Rs 4,507.5 crore in the previous fiscal.

This helped improve profitability, with Ebitda rising from Rs 122.6 crore in fiscal 2023 to Rs 269.3 crore in fiscal 2024, a 120% increase. Ebitda margin stood at 4.41% in fiscal 2024, compared to 2.72% in fiscal 2023. The IPO was subscribed 59.41 times, with institutional investors subscribing 136.85 times, non-institutional investors 56.09 times, and retail investors 16.58 times.

Harper Johnson

Harper Johnson stands at the forefront of digital marketing, where she dissects and interprets the impact of online advertising trends, social media dynamics, and search engine algorithms on consumer behavior.

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