The stock made its debut at ₹834, surging 73.75 per cent from the issue price on the BSE. Later, it jumped 75.79 per cent to ₹843.80.
Shares of jewellery retail chain PN Gadgil Jewellers Ltd made a remarkable market debut on Tuesday, listing with a premium of nearly 74 per cent, against the issue price of ₹480.
The initial public offer of PN Gadgil Jewellers Ltd received 59.41 times subscription on the last day of bidding on Thursday.
The stock made its debut at ₹834, surging 73.75 per cent from the issue price on the BSE. Later, it jumped 75.79 per cent to ₹843.80.
At the NSE, shares of the firm listed at ₹830, soaring 72.91 per cent.
The company’s market valuation stood at ₹10,950.98 crore.
The initial public offer of PN Gadgil Jewellers Ltd received 59.41 times subscription on the last day of bidding on Thursday.
The ₹1,100-crore initial share sale had a price band at ₹456-480 per share.
The Maharashtra-based company’s IPO had a combination of a fresh issue of equity shares worth up to ₹850 crore and an Offer For Sale (OFS) of equity shares to the tune of ₹250 crore by promoter SVG Business Trust.
Of the fresh issue proceeds, ₹393 crore will be utilised for the funding expenditure towards setting up 12 new stores in Maharashtra, ₹300 crore for payment of debt, besides a portion will also be used for general corporate purposes.
PN Gadgil Jewellers Ltd offers a wide range of precious metal/jewellery products including gold, silver, platinum and diamond jewellery, across various price points and designs.
The company’s products are primarily sold under its flagship brand, ‘PNG’, and various sub-brands, through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces, including websites.
Stay updated with the…
See more
News/Business/ PN Gadgil Jewellers shares off to solid market debut; surge nearly 74%
