PN Gadgil Jewellers Secures Rs 330 Crore from Anchors Ahead of IPO

Jewellery retail chain PN Gadgil Jewellers Ltd raised Rs 330 crore from anchor investors before its IPO. The IPO, a mix of fresh issue and offer for sale, opens September 10-12 with a price band of Rs 456-480 per share. Proceeds will fund store expansions and debt payment.

PN Gadgil Jewellers Ltd, a prominent jewellery retail chain, announced on Monday that it has successfully raised Rs 330 crore from anchor investors. This fundraising comes just a day before the company's initial public offering (IPO) opens for public subscription.

The list of anchor investors includes industry giants such as ICICI Prudential Life Insurance Company, Tata Mutual Fund, Axis MF, HDFC MF, and Goldman Sachs, among others. The company allocated 68.75 lakh equity shares to 33 funds at Rs 480 per share, the top end of the price band, aggregating to Rs 330 crore.

The Rs 1,100-crore IPO, set to open from September 10 to 12, comes at a price band of Rs 456-480 per share. Proceeds will be used for opening 12 new stores in Maharashtra, debt repayment, and general corporate purposes. The company's market capitalization is expected to exceed Rs 6,500 crore post-issue.

(With inputs from agencies.)