Shares of PN Gadgil are set to make a strong Dalal Street debut on Tuesday, thanks to bumper listings on Bajaj Housing Finance. The jewelry player is commanding a hefty premium in the grey market. The latest listing contender is set to deliver strong listing gains to the investors on debut.
Before its listing, the grey market premium of PN Gadgil has seen a mild correction amid the volatility in the broader markets. Last heard, the company was commanding a premium (GMP) of Rs 300-305 share in the unofficial market, suggesting a listing pop of about 63-65 per cent for the investors. The GMP stood at Rs 345-350 at its peak.
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, thanks to strong bidding from qualified institutional bidders (QIBs), whose quota was booked a stellar 136.85 times. The quota for non-institutional investors (NIIs) was subscribed 56.09 times, and the portion of retail investors was subscribed 16.58 times during the bidding process.
190-year-old PN Gadgil Jewelers 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 PN Gadgil Jewellers IPO, while Bigshare Services served as the registrar for the issue.