PN Gadgil Jewellers Initiates Initial Public Offering (IPO)

PN Gadgil Jewellers Limited, a prominent jewelry brand based in Pune, has announced its plan to launch an initial public offering (IPO) on Tuesday, September 10, 2024. The bid period is scheduled to conclude on Thursday, September 12, with anchor investor bidding taking place on Monday, September 9.

IPO Details and Price Band

The IPO has set a price band ranging from INR 456 to INR 480 per equity share. Investors are required to bid for a minimum of 31 equity shares, with subsequent bids needing to be multiples of 31.

• Minimum Bid: 31 equity shares
• Price Band: INR 456 - INR 480 per equity share

Composition of the IPO

PN Gadgil's IPO comprises two components: a fresh issue of equity shares and an offer for sale (OFS).

• Fresh Issue: INR 8500 million worth of equity shares with a face value of INR 10 each.
• Offer for Sale (OFS): INR 2500 million worth of equity shares with a face value of INR 10 each by SVG Business Trust, the promoter selling shareholder.

Total Offer Size and Allocation

The total offer size aggregates to INR 11,000 million, encompassing equity shares with a face value of INR 10 each. The OFS portion accounts for INR 2500 million of this total.

Utilization of Funds

PN Gadgil Jewellers intends to utilize the funds raised through the IPO for various purposes:

• Expansion: Funding the establishment of 12 new stores in Maharashtra.
• Debt Repayment: Repaying or prepaying existing borrowings.
• Corporate Expenses: Covering other general corporate expenses.

Listing and Book-Running Lead Managers

The company has received in-principle approvals from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for the listing of its IPO, which is expected to happen after the successful completion of the offering. Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and BOB Capital Markets Limited have been appointed as the book-running lead managers (BRLMs) for the IPO.

Key Highlights:

• IPO Date: September 10, 2024
• Closing Date: September 12, 2024
• Anchor Investor Bidding Date: September 9, 2024
• Price Band: INR 456 - INR 480 per equity share
• Minimum Bid: 31 equity shares
• Listing Exchanges: BSE and NSE
• BRLMs: Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, and BOB Capital Markets Limited