P N Gadgil Jewellers IPO opens today for subscription. Check out the subscription status, GMP (Grey Market Premium), issue price and other key details
P N Gadgil Jewellers IPO: The Primary market continues to witness a busy week as major issues are set to open for subscription in the upcoming days. P N Gadgil Jewellers, among the oldest jewellery companies in India and headquartered in Maharashtra, will be open for subscription from September 10 (Monday). The bidding will conclude on September 12 (Thursday).
The company aims to raise Rs 1,100 crore through its initial public offering. This includes a fresh issuance of equity shares worth Rs 850 crore and an offer for sale of Rs 250 crore. The face value of each equity share stands at Rs 10.
P N Gadgil Jewellers' IPO has allocated 50 per cent of the shares to Qualified Institutional Buyers (QIBs), 15 per cent to Non-Institutional Investors (NIIs) and 35 per cent to retail investors.
The company raised around Rs 330 crore from 33 anchor investors by selling 68.75 lakh shares at Rs 480 each. Some of the notable names in this anchor round include HDFC Trustee, Axis Mutual Fund, Tata Mutual Fund, Nippon Life India Trustee, Goldman Sachs, Citigroup Global and Mirae Asset Great.
As of 12:51 PM, the shares of P N Gadgil Jewellers were trading at a grey market premium (GMP) of Rs 255, commanding a premium of over 53.12 per cent. This indicates high investor interest in the IPO which is set to make its debut on the Dalal street on September 17 (Tuesday).
GMP amount refers to the price at which the stock is trading in the grey market before it is actually listed on the stock exchanges.
The jewellery brand plans to use the funds raised from the public issue to cover expansion costs. The company is aiming to open 12 new stores in Maharashtra. Additionally, they will use a part of the proceeds to repay or their existing debt.