PNG Jewellers IPO: Maharashtra-based firm mobilises ₹330 crore from anchor investors ahead of public issue

P N Gadgil Jewellers, on Monday, said that it has raised ₹330 crore from anchor investors a day before its initial public offerings (IPO) open for subscription on September 9.

According to the exchange filing, the company has allocated 68,74,999 equity shares to anchor investors at ₹480 per share.

“The IPO Committee of the Company at its meeting held on September 9, 2024, in consultation with Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited and BOB Capital Markets Limited (Book Running Lead Managers to the Offer), has finalized allocation of 68,74,999 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 480/- per Equity Share (including share premium of Rs. 470/- per Equity Share),” the company said in an exchange filing.

HDFC Trustee, Nippon Life India Trustee, Axis Mutual Fund, Mirrae Asset Great, Tata Mutual, Goldman Sachs, Citigroup Global are some of the marquee investors in the anchor book round.

The firm further added that 10 Domestic Mutual Funds have been allocated 33,54,199 equity shares through a total of 18 schemes.

P N Gadgil Jewellers IPO details

The P N Gadgil Jewellers IPO will be open for subscription from Tuesday, September 10, to Thursday, September 12. The price band for the issue has been set between ₹456 and ₹480 per equity share, with a face value of ₹10.

This IPO is a book-built issue totaling ₹1,100 crore. It includes a fresh issue of 1.77 crore shares amounting to ₹850 crore and an offer for sale of 0.52 crore shares worth ₹250 crore.

The jewellery company plans to allocate ₹300 crore for debt repayment and ₹387 crore from the new offering to open 12 stores in Maharashtra by FY26. The remaining funds will be used for general business needs. As of February 29, the company's debt stood at ₹377.45 crore.

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