PN Gadgil Jewellers Set to List at 60% Premium Over IPO Price: Latest GMP Update

PN Gadgil Jewellers is set to make its stock market debut on September 17, 2024, following an impressive initial public offering (IPO) that garnered significant investor interest. The company’s shares are expected to list at a premium of approximately 60% to 70% over the IPO price, which was set between ₹458 and ₹480 per share.

Overview of the PN Gadgil Jewellers IPO

The PN Gadgil IPO was open for subscription from September 10 to September 12, 2024, and received an overwhelming response, being subscribed 59.41 times overall. This includes a staggering 136.85 times subscription from qualified institutional buyers (QIBs), 56.09 times from non-institutional investors, and 16.58 times from retail investors. The total issue size was around ₹1,100 crore, which comprised a fresh issue of equity shares worth up to ₹850 crore and an offer for sale (OFS) of ₹250 crore by the promoter SVG Business Trust.

Strong Grey Market Performance

As of now, PN Gadgil shares are trading at a robust grey market premium (GMP) of around ₹330 to ₹335, indicating a potential listing price of approximately ₹813 on the stock exchanges. This strong GMP reflects investor confidence and suggests that the stock could debut with substantial gains.

PN Gadgil Jewellers Company Background

PN Gadgil Jewellers, based in Pune, has established itself as one of the largest organized jewellery retailers in Maharashtra. The company operates 39 stores, with 38 located in Maharashtra and Goa, and one in the United States. It offers a wide range of jewellery products including gold, silver, platinum, and diamond items under its brand name ‘PNG’.

The company is recognized for its rapid growth, achieving an impressive 76% year-on-year revenue increase in FY23, reaching revenues of ₹4,507 crore. Its profit after tax also rose by 35%, amounting to ₹94 crore during the same period.

PN Gadgil Jewellers Future Expansion Plans

PN Gadgil is not just resting on its laurels; it has ambitious plans for expansion. The company aims to add 12 new stores in Maharashtra by FY26, targeting underserved Tier I and Tier II cities. This strategic growth plan is expected to enhance its market presence and drive further revenue growth.

PN Gadgil Jewellers Investment Sentiment

Market analysts are generally optimistic about the stock’s performance post-listing. Many brokerage firms have recommended subscribing to the IPO for long-term investment due to PN Gadgil’s strong financial performance and brand recognition in the jewellery sector. However, they also caution potential investors about risks such as fluctuating gold prices and high working capital needs.

How to Check Allotment Status

Investors who participated in the IPO can check their allotment status through the Bombay Stock Exchange (BSE) or by visiting the registrar’s website, Bigshare Services. Here’s how:

• Visit the BSE website.
• Navigate to the Investor section.
• Select Application Status.
• Enter your application number and PAN.
• Submit to view your allotment status.

Alternatively, you can check directly on Bigshare Services’ portal using similar steps

Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.