PN Gadgil Jewellers' shares off to solid market debut; surge nearly 74%

New Delhi: 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 Rs 480.

The stock made its debut at Rs 834, surging 73.75 per cent from the issue price on the BSE. Later, it jumped 75.79 per cent to Rs 843.80.

At the NSE, shares of the firm listed at Rs 830, soaring 72.91 per cent.

The company's market valuation stood at Rs 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 Rs 1,100-crore initial share sale had a price band at Rs 456-480 per share.

The Maharashtra-based company's IPO had a combination of a fresh issue of equity shares worth up to Rs 850 crore and an Offer For Sale (OFS) of equity shares to the tune of Rs 250 crore by promoter SVG Business Trust.

Of the fresh issue proceeds, Rs 393 crore will be utilised for the funding expenditure towards setting up 12 new stores in Maharashtra, Rs 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.