PN Gadgil Jewellers shares list at 74% premium over IPO price
[hfe_template id='11223']
[ad_1]
The shares of PN Gadgil Jewellers debuted on the exchanges on Tuesday with a premium of 74%. The stock listed at Rs 834 on BSE and Rs 830 on NSE (72.92% premium) against the issue price of Rs 480. Ahead of the listing, the company's shares traded with a GMP of 63% to the issue price. The IPO, which included a fresh equity sale of 1.77 crore shares and an offer for sale (OFS) of 52.08 lakh shares, received a strong investor response with an overall subscription of over 50 times by the close. Ahead of the issue opening, PN Gadgil Jewellers raised Rs 330 crore from anchor investors by allotting 68.74 lakh shares to 25 anchor investors. The funds raised through the IPO are proposed to be used for setting up 12 new stores in Maharashtra, repaying debt, and other general corporate purposes. As of January 2024, PN Gadgil Jewellers is the second-largest among the prominent organized jewellery players in Maharashtra in terms of the number of s...