Shares of PN Gadgil made a strong Dalal Street debut on Tuesday as the jewellery player was listed at Rs 834 on BSE, with a premium of 73.74 per cent, over the issue price of Rs 480. Similarly, the stock kicked-off its maiden trading session with a premium of 72.92 per cent at Rs 830 on NSE over the given issue price.
The listing of PN Gadgil has been better than the expectations. Ahead of its debut, shares of PN Gadgil were commanding a grey market premium (GMP) of Rs 300-305 share in the unofficial market, suggesting a listing pop of about 63-65 per cent for the investors.
Pune-based PN Gadgil sold its IPO in the price band of Rs 458-480 per share with a lot size of 31 shares, which was open for bidding between September 10 and September 12. The company aimed to raise around Rs 1,1,00 crore from its primary offering, which included a fresh share sale of Rs 850 crore and offer-for-sale (OFS) of 52,08,333 shares.
The issue saw an overall subscription of 59.41 times. The quota for qualified institutional bidders (QIBs) was booked a stellar 136.85 times. The quota for non-institutional investors (NIIs) was subscribed 56.09 times, while the allocation of retail investors was subscribed 16.58 times during the bidding process.
PN Gadgil Jewellers offers a wide range of precious metal/jewelry products including gold, silver, platinum, and diamond jewelry under its brand name 'PNG' in various price ranges and designs. The Pune-based company, incorporated in 2013, offers its customers the option of having jewelry made to measure.
Brokerage firms are mostly positive on the issue, suggesting to subscribe it for a long-term. Motilal Oswal Investment Advisors, Nuvama Wealth Management and BoB Capital Markets were the book running lead managers of the P N Gadgil Ltd IPO, while Bigshare Services served as the registrar for the issue.