PN Gadgil Jewellers' IPO Oversubscribed 6.88 Times on Second Day

The initial public offering (IPO) of PN Gadgil Jewellers Ltd was oversubscribed 6.88 times by the second day of share sale. The sale received significant interest from non-institutional and retail individual investors. The company aims to raise Rs 1,100 crore, with proceeds going towards new stores, debt payment, and corporate purposes.

The initial public offering (IPO) of jewellery retail chain PN Gadgil Jewellers Ltd saw a strong response, being oversubscribed 6.88 times on its second day, Wednesday.

The Rs 1,100-crore share sale garnered bids for 11,61,92,123 shares against an offer of 1,68,85,964 shares, according to NSE data. Non-institutional investors' subscriptions surged to 15.74 times, while the quota for retail individual investors (RIIs) saw 6.97 times subscription. Qualified institutional buyers (QIBs) subscribed 8 per cent of their quota.

Having fully subscribed within hours of its opening on Tuesday, the IPO of PN Gadgil Jewellers ended its first day twice oversubscribed. The company had earlier raised Rs 330 crore from anchor investors. The IPO, closing on September 12, has a price band set at Rs 456–480 per share.