P N Gadgil Jewellers IPO Set to Launch: Price Band Fixed at Rs.456-480 Per Share
P N Gadgil Jewellers IPO Set to Launch: Price Band Fixed at ₹456-480 Per Share
IPO to open on September 10, aiming to raise ₹1,100 crore for expansion, debt repayment, and business growth
P N Gadgil Jewellers Limited (PNG) has set the price band for its upcoming IPO in the range of ₹456 to ₹480 per equity share. The subscription window opens on Tuesday, September 10, and closes on Thursday, September 12. Anchor investors will be allocated shares on Monday, September 9.
The IPO offers a mix of fresh equity and an offer for sale, with ₹850 crore being raised through a fresh issue and ₹250 crore through an offer by SVG Business Trust. PNG plans to utilize ₹300 crore of the raised funds to pay off debt and ₹387 crore to open 12 new stores in Maharashtra by FY26. The remaining funds will be allocated for general corporate purposes.
The jeweler, established in 2013, offers a diverse range of gold, silver, platinum, and diamond jewelry under multiple sub-brands. These include collections designed for various occasions, such as “Saptam,” “Rings of Love,” and “Men of Platinum.” PNG also offers custom-made jewelry to its customers.
In FY23, PNG achieved a revenue of ₹4,507.5 crore, marking a significant 76.4% growth year-over-year. The company’s net profit for the six-month period ending September FY24 was ₹43.75 crore on a revenue of ₹2,627.8 crore. Despite strong revenue growth, PNG’s EBITDA margin saw a dip to 2.72%.
The IPO allocation will follow standard market practices, with 50% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. The allotment of shares will be finalized on Friday, September 13, with refunds processed and shares credited to demat accounts by Monday, September 16. The shares are expected to list on BSE and NSE on Tuesday, September 17.
Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and Bob Capital Markets Ltd are the book-running lead managers, while Bigshare Services Pvt Ltd is the registrar for the issue.
Disclaimer: We advise investors to check with certified experts before making any investment decision.
