PN Gadgil Jewellers made a strong debut on the stock market on September 17, 2024, with shares listing at ₹830 on the National Stock Exchange (NSE), representing a premium of 72.91% over the issue price of ₹480. On the Bombay Stock Exchange (BSE), the stock opened at ₹834, marking a 73.75% premium.
The IPO had been highly anticipated, with a subscription rate of 59.41 times. The Qualified Institutional Buyers (QIBs) category was the most enthusiastic, with 136.85 times subscription, followed by non-institutional investors at 56.09 times, and retail investors at 16.58 times. This strong response was driven by the company’s solid market presence, with PN Gadgil being a well-established jewelry brand, operating 39 stores across India as of July 2024(Stock News).
The IPO raised ₹1,100 crore, with a fresh issue of ₹850 crore and an offer for sale of ₹250 crore. The proceeds will be used to expand operations, including the opening of 12 new stores in Maharashtra, and repay debt. Analysts had recommended the IPO, citing the company’s stable growth and customer loyalty programs as positive factors
After the initial spike, the stock saw a slight dip but remained a topic of interest among investors, reflecting confidence in the company’s long-term potential.
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