PN Gadgil IPO: 73% Premium on Listing Day

PN Gadgil shares listed at 73% premium

PN Gadgil made a strong debut on Dalal Street on Tuesday, with its shares listing at Rs 834 on the BSE, marking a 73.74% premium over the issue price of Rs 480. Similarly, on the NSE, the stock opened at Rs 830, a 72.92% premium. This impressive performance surpassed market expectations, as the grey market premium (GMP) had predicted a listing gain of around 63-65%, with shares trading at a premium of Rs 300-305 in the unofficial market before the debut.

The Pune-based jewellery company had offered its IPO in a price range of Rs 458-480 per share, with a lot size of 31 shares, available for subscription between September 10 and 12. PN Gadgil aimed to raise approximately Rs 1,100 crore through this offering, which included a fresh issue worth Rs 850 crore and an offer-for-sale (OFS) of 52,08,333 shares.

PN Gadgil’s IPO was highly successful, with an overall subscription rate of 59.41 times. The portion reserved for qualified institutional buyers (QIBs) saw an exceptional response, being subscribed 136.85 times. Non-institutional investors (NIIs) subscribed 56.09 times, while the retail investor quota was subscribed 16.58 times during the bidding period.

PN Gadgil Jewellers, founded in 2013 and based in Pune, offers a wide range of precious metal and jewelry products, including gold, silver, platinum, and diamond jewelry under the ‘PNG’ brand. The company also provides custom-made jewelry options to its customers.

Brokerages, including Motilal Oswal Investment Advisors, Nuvama Wealth Management, and BoB Capital Markets, have largely recommended subscribing to the IPO for long-term investment. Bigshare Services acted as the registrar for the IPO.