PN Gadgil Jewellers Triumphantly Secures Rs 330 Cr from Anchor Investors Before IPO | Breaking IPO News
PN Gadgil Jewellers Secures Rs 330 Crore from Anchor Investors Ahead of IPO
Jewellery retail chain PN Gadgil Jewellers Ltd has successfully raised Rs 330 crore from anchor investors ahead of its initial public offering (IPO), set to open for public subscription from September 10 to September 12. Anchor investors include prominent names such as ICICI Prudential Life Insurance Company, Tata Mutual Fund, Axis Mutual Fund, and Goldman Sachs, among others.
The company has allocated 68.75 lakh equity shares to 33 funds at Rs 480 per share, the upper limit of the price band. The total IPO size is Rs 1,100 crore, with the price band fixed at Rs 456 to Rs 480 per share. The offering consists of a fresh issue of equity shares worth Rs 850 crore and an offer for sale (OFS) of Rs 250 crore by the promoter SVG Business Trust, which currently holds a 99.9% stake in the company.
Post-issue, PN Gadgil’s market capitalization is anticipated to exceed Rs 6,500 crore. Proceeds from the fresh issue will be used for setting up 12 new stores in Maharashtra (Rs 393 crore), debt repayment (Rs 300 crore), and general corporate purposes. As of March 2024, the company’s total borrowings stood at around Rs 397 crore.
PN Gadgil Jewellers, operating under its flagship brand ‘PNG,’ offers a diverse range of gold, silver, platinum, and diamond jewellery. The company’s products are sold through 39 retail stores and various online platforms.
Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd, and BOB Capital Markets Ltd are acting as the book-running lead managers for the issue.
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