P N Gadgil Jewellers is launching an IPO with a total issue size of ₹1,100 crores. This offering comprises a fresh issue of 1.77 crore shares, raising ₹850 crores, and an offer for sale of 0.52 crore shares, totaling ₹250 crores.
The IPO opens for subscription on September 10, 2024, and closes on September 12, 2024. The allotment of shares is expected to be finalized on September 13, 2024, with the listing scheduled for September 17, 2024, on the BSE and NSE.
The price band for the IPO is set between ₹456 and ₹480 per share. Retail investors can apply with a minimum lot size of 31 shares, requiring a minimum investment of ₹14,880. For sNII, the minimum investment is ₹208,320 for 14 lots (434 shares), and for bNII, it is ₹1,011,840 for 68 lots (2,108 shares).
The IPO is managed by Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, and Bob Capital Markets Limited, with Bigshare Services Pvt Ltd serving as the registrar.
Below are the details of P N Gadgil Jewellers IPO Details, Timeline, Lot Size, Anchor Investor, and Promoter Holding.
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P N Gadgil Jewellers IPO Details
| IPO Date | September 10, 2024 to September 12, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹456 to ₹480 per share |
| Lot Size | 31 Shares |
| Total Issue Size | 22,916,667 shares (aggregating up to ₹1,100.00 Cr) |
| Fresh Issue | 17,708,334 shares (aggregating up to ₹850.00 Cr) |
| Offer for Sale | 5,208,333 shares of ₹10 (aggregating up to ₹250.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 118,000,000 |
| Share holding post issue | 135,708,334 |
P N Gadgil Jewellers IPO Timeline
| IPO Open Date | Tuesday, September 10, 2024 |
| IPO Close Date | Thursday, September 12, 2024 |
| Basis of Allotment | Friday, September 13, 2024 |
| Initiation of Refunds | Monday, September 16, 2024 |
| Credit of Shares to Demat | Monday, September 16, 2024 |
| Listing Date | Tuesday, September 17, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2024 |
P N Gadgil Jewellers IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 31 | ₹14,880 |
| Retail (Max) | 13 | 403 | ₹193,440 |
| S-HNI (Min) | 14 | 434 | ₹208,320 |
| S-HNI (Max) | 67 | 2,077 | ₹996,960 |
| B-HNI (Min) | 68 | 2,108 | ₹1,011,840 |
P N Gadgil Jewellers IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 68,74,999 (28.93%) | NA |
| QIB Shares Offered | 48,24,560 (20.3%) | NA |
| NII (HNI) Shares Offered | 36,18,421 (15.23%) | |
| bNII > ₹10L | 24,12,281 (10.15%) | 5,558 |
| sNII < ₹10L | 12,06,140 (5.08%) | 2,779 |
| Retail Shares Offered | 84,42,983 (35.53%) | 2,72,354 |
| Total Shares Offered | 2,37,60,963 (100%) |
P N Gadgil Jewellers IPO Anchor Investors
| Bid Date | September 9, 2024 |
| Shares Offered | 6,874,999 |
| Anchor Portion Size (In Cr.) | 330.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 13, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 12, 2024 |
P N Gadgil Jewellers IPO Financial Information
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||
| Assets | 1,464.98 | 1,062.55 | 1,110.24 | |||||||||||||||||||||||||||
| Revenue | 6,119.1 | 4,559.31 | 2,586.31 | |||||||||||||||||||||||||||
| Profit After Tax | 154.34 | 93.7 | 69.52 | |||||||||||||||||||||||||||
| Net Worth | 534.38 | 365.73 | 282.01 | |||||||||||||||||||||||||||
| Reserves and Surplus | 255.53 | 191.22 | ||||||||||||||||||||||||||||
| Total Borrowing | 396.5 | 283.21 | 294.93 | |||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||
P N Gadgil Jewellers IPO Review
P N Gadgil Jewellers Ltd. (PNGJL) is the second-largest organized jewellery player in Maharashtra, with strong revenue growth (CAGR of 54.63%) from FY22 to FY24 and EBITDA growth of 39.78%. The company operates 39 stores, mainly in Maharashtra, and plans to open 12 more stores using IPO proceeds.
The IPO consists of a fresh issue of ₹850 crores and an offer for sale of ₹250 crores, priced between ₹456-₹480 per share. The IPO opens on September 10, 2024, and closes on September 12, 2024, aiming for a market cap of ₹6,514 crores. Financially, PNGJL has shown steady performance with PAT margins improving, but the IPO appears fully priced based on FY24 earnings.
Investors may consider the IPO for medium to long-term investment.