PN Gadgil Jewellers IPO subscribed 59.41 times on final day, QIBs steal the show; check key details

The initial public offering (IPO) of PN Gadgil Jewellers, which opened for subscription on September 10, was subscribed over 59.41x on the final day of bidding.

As of January 2024, the company is the second-largest among major organized jewellery players in Maharashtra based on the number of stores, according to the RHP.

According to the Technopak Report, P N Gadgil Jewellers leads the market for BIS-registered shops in India and ranks as the second-largest organized jewellery retailer in Maharashtra. As of January 2024, it operates the highest number of stores. Additionally, based on the sales growth between fiscal years 2022 and 2024, the company has become the fastest-growing jewellery brand among the major organized jewellery retailers in India.

PN Gadgil Jewellers IPO subscription status

The PN Gadgil Jewellers IPO was subscribed 59.41 times on the last day of subscription. The IPO received 1,00,31,53,273 applications against offered 1,68,85,964 share applications.

The retail investors' segment was oversubscribed by 16.58 times, with bids totaling 13,99,86,607 shares against the 84,42,983 shares available. The non-institutional investors' category saw a subscription rate of 56.09 times, receiving bids for 20,29,40,043 shares compared to the 36,18,421 shares on offer. Meanwhile, the Qualified Institutional Buyers (QIB) portion of the book-building issue was subscribed 136.85 times, with bids for 66,02,26,623 shares against the 48,24,560 shares available.

PN Gadgil Jewellers IPO details

The price band for the issue is set at ₹456-480 per share, with a lot size of 31 equity shares, which can be increased in multiples of 31 shares.

In the P N Gadgil Jewellers IPO, up to 50 per cent of the shares are allocated for qualified institutional buyers (QIB), at least 15 per cent for non-institutional investors (NII), and a minimum of 35 per cent is reserved for retail investors.

The jewellery company intends to allocate ₹300 crore to repay its debt, while ₹387 crore from the new issuance will be used to open 12 stores in Maharashtra by FY26. The remaining funds will be used for general business operations. As of February 29, the company's total debt stood at ₹377.45 crore.

Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and Bob Capital Markets Ltd are the book-running lead managers for the P N Gadgil Jewellers IPO, with Bigshare Services Pvt Ltd serving as the registrar for the issue.