PN Gadgil Jewellers Shares Soar in Spectacular Market Debut

Shares of PN Gadgil Jewellers Ltd surged nearly 74% on their market debut, listing at Rs 834 compared to the issue price of Rs 480. The company raised Rs 1,100 crore, aiming to fund new stores, pay off debt, and support general corporate purposes with the proceeds.

Shares of jewellery retail chain PN Gadgil Jewellers Ltd made a remarkable market debut on Tuesday, listing with a premium of nearly 74 per cent, against the issue price of Rs 480.

The stock opened at Rs 834 on the BSE, a 73.75 per cent surge from its issue price, and later climbed to Rs 843.80, up 75.79 per cent. On the NSE, it listed at Rs 830, marking a 72.91 per cent increase.

The company's market valuation has now reached Rs 10,950.98 crore. The initial public offering (IPO) of PN Gadgil Jewellers Ltd saw a 59.41 times subscription rate by the last day of bidding.

PN Gadgil's Rs 1,100-crore share sale had a price band of Rs 456-480 per share. The IPO comprised a fresh issue of equity shares worth up to Rs 850 crore, and an Offer For Sale (OFS) of shares totaling Rs 250 crore by the promoter SVG Business Trust.

From the fresh issue proceeds, the company plans to allocate Rs 393 crore for setting up 12 new stores in Maharashtra and Rs 300 crore to settle its debts, with the remaining amount reserved for general corporate purposes.

PN Gadgil Jewellers Ltd offers a diverse range of jewellery, including gold, silver, platinum, and diamonds, under its flagship brand 'PNG' as well as various sub-brands. The company's products are available through multiple channels, including 39 retail stores and various online marketplaces as of July 31, 2024.

(With inputs from agencies.)