PN Gadgil Jewellers Limited raises Rs 330 crore from anchor investors, IPO subscribed two times on day one

PN Gadgil Jewellers Limited raised Rs 330 crore from anchor investors ahead of its initial public offering opening on September 10. On the first day of its IPO, PN Gadgil Jewellers Limited reported two-times subscription after becoming fully subscribed within just a few hours of opening.

The business raised its pre-IPO funds from investors including ICICI Prudential Life Insurance Company, Tata Mutual Fund, Nippon India Mutual Fund, Bandhan Mutual Fund, and Axis Mutual Fund among others, the Press Trust of India reported. For the fundraise, PN Gadgil Jewellers Limited allotted 68.75 lakh equity shares to a total of 33 funds, priced at Rs 480 per share, according to a circular on the Bombay Stock Exchange’s website.
 
The business’ IPO then launched on Tuesday with a fixed price band of between Rs 456 to Rs 480 per share, India Retiling reported. The IPO is a mixture of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale of equity shares amounting to Rs 250 crore, offloaded by promoter SVG Business Trust, which held a 99.9% stake in the business prior to the IPO.
 
Set to conclude on September 12, the IPO received subscriptions to around 3.4 crore shares against the approximately 1.7 crore shares on offer on September 10, the Press Trust of India reported. Non-institutional investors booked their segment by 3.26 times, the quota for Retail Individual Investors was subscribed by 2.61 times, and the Qualified Institutional Buyers portion was subscribed 1%.