PN Gadgil Jewellers Ltd IPO Sees Two-Time Subscription on Day One

The initial public offer (IPO) of PN Gadgil Jewellers Ltd, a Maharashtra-based jewellery retail chain, was fully subscribed within hours of opening. It ended the day with a subscription ratio of 2.01 times. The IPO aims to raise Rs 1,100 crore and will conclude on September 12.

In a remarkable financial move, PN Gadgil Jewellers Ltd, a renowned jewellery retail chain, saw its initial public offer (IPO) fully subscribed within hours of opening for bidding on Tuesday. By the end of the day, the subscription ratio had reached an impressive 2.01 times.

According to the NSE data, the Rs 1,100 crore IPO received bids for 3,38,86,720 shares against an offering of 1,68,85,964 shares. The division for non-institutional investors was subscribed 3.26 times, while Retail Individual Investors (RIIs) saw a 2.61 times subscription. The segment for Qualified Institutional Buyers (QIBs) was subscribed by only 1 per cent.

On Monday, PN Gadgil Jewellers Ltd secured Rs 330 crore from anchor investors. The IPO, which has a price band of Rs 456-480 per share, will conclude on September 12. The raised funds will be used for various purposes, including the establishment of new stores and debt repayment.

(With inputs from agencies.)