PN Gadgil Jewellers Limited IPO subscribed 59.41 times on last day

Gold, silver, and diamond jewellery brand PN Gadgil Jewellers Limited’s initial public offering was subscribed by 59.41 times on its last day. The business saw its shares fully subscribed within just a few hours of launching its IPO last week.

PN Gadgil Jewellers Limited received bids for approximately 100.3 crore shares against around 1.69 crore shares on offer, according to the National Stock Exchange’s data, accessed by India Retailing. The initial share sale was valued at Rs 1,100 crore with a price band of Rs 456 to Rs 480 per share before the IPO. The business had also raised Rs 330 crore from anchor investors last week ahead of the IPO launch.
 
PN Gadgil Jewellers Limited saw Qualified Institutional Buyers subscribe to the IPO by 136.85 times and the non institutional investors portion was subscribed by 56.08 times. The Retail Individual Investors segment of the IPO was subscribed by 16.58 times, the Press Trust of India reported.
 
From the fresh issue of equity shares portion of the IPO, the business will use Rs 393 crore to fund the launch of 12 new stores planned for the Maharashtra region, ET Retail reported. PN Gadgil Jewellers Limited will also Use Rs 300 crore to repay debts and use some funds for general corporate purposes.