PN Gadgil Jewellers IPO Sees Massive 59.41 Times Subscription

The initial public offer (IPO) of PN Gadgil Jewellers Ltd received an overwhelming response, with 59.41 times subscription on the final day of bidding. The IPO, which aimed to raise Rs 1,100 crore, saw significant interest from various investor categories, particularly Qualified Institutional Buyers. The company plans to use the funds to expand and repay debt.

The initial public offering (IPO) of jewellery retail chain PN Gadgil Jewellers Ltd culminated with an overwhelming 59.41 times subscription on the final day of bidding, indicating substantial investor interest.

The Rs 1,100-crore IPO received bids for an enormous 1,00,31,19,142 shares against the 1,68,85,964 shares on offer, as per the data from the National Stock Exchange (NSE). The Qualified Institutional Buyers (QIBs) segment saw the highest interest with 136.85 times subscription, followed by non-institutional investors at 56.08 times, and retail individual investors at 16.58 times.

The company plans to allocate Rs 393 crore for the establishment of 12 new stores in Maharashtra, Rs 300 crore for debt repayment, with the remainder utilized for general corporate purposes. Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are the lead managers for the issue.

(With inputs from agencies.)