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Shares of jewelry retail chain PN Gadgil Jewellers Ltd were listed on the market on Tuesday with a jump of about 74% from its issue price of Rs 480. The stock was listed on the BSE at Rs 834 with a gain of 73.75%. After this, the share price rose by 75.79% to reach Rs 843.80. At the same time, the company's stock debuted at Rs 830 with a gain of 72.91% on the NSE.
The success of the IPO
The company's initial public offering (IPO) was very popular among investors. On the last day of bidding for the IPO on Thursday, it received 59.41 times subscription. The company had fixed the price band at Rs 456-480 per share for the IPO of Rs 1,100 crore. This high subscription level reflects the huge demand of investors for the company.
Use of Funds
PN Gadgil Jewelers Limited plans to use the proceeds from the IPO for various schemes. Out of this, Rs 393 crore will be used to set up 12 new stores in Maharashtra. Apart from this, Rs 300 crore will be used to repay the debt and a part will be used for general corporate purposes.
Market valuation of the company
The total market valuation of PN Gadgil Jewelers stood at Rs 10,950.98 crore. The success of the company has reflected a positive response among investors and raised hopes about its future prospects.
