PN Gadgil To Go Public Next Week: Funds to Help Build 12 New Stores in Maharashtra PN Gadgil Jewellers Limited, a Pune-based jewelry brand has announced its proposal to open its initial public offering (IPO) on Tuesday, September 10, 2024.
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PN Gadgil Jewellers Limited, a Pune-based jewelry brand has announced its proposal to open its initial public offering (IPO) on Tuesday, September 10, 2024.
The bid is set to close on Thursday, September 12 and the anchor Investor bidding date is set one day before the opening date on Monday.
According to a company release, the price band has been fixed from INR 456-480 per equity share and the bids are to be made for a minimum of 31 equity shares and in multiples of 31 equity shares after that.
PN Gadgil's IPO is also comprised of a fresh issue of equity shares with a face value of INR 10 each, totaling up to INR 8500 million, and an offer of sale (OFS) of equity shares of INR 10 face value aggregating to INR 2500 million.
The total offer size consists of equity shares of face value of INR 10 each, aggregating up to INR 11,000 million. THE OFS also consists of equity shares of face value of INR 10 each of up to INR 2500 million by SVG Business Trust, the promoter selling shareholder in this IPO.
The company said in the release that the funds raised through the IPO will be utilized to fund 12 new stores in Maharashtra, repayment or prepayment of borrowings, and other corporate expenses.
PN Gadgil's offer is proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) after it received in principal approvals from both markets, earlier in July.
Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and BOB Capital Markets Limited are the book-running lead managers (BRLMs) to the offer.
