Pune: P N Gadgil Jewellers Limited is set to launch its Initial Public Offering (IPO) on Tuesday, September 10, 2024, with the subscription window closing on Thursday, September 12, 2024. The bidding for anchor investors will commence a day earlier, on Monday, September 9, 2024.
The IPO price band has been set between ₹456 and ₹480 per equity share, each with a face value of ₹10. Investors can bid in multiples of 31 shares.
The offering includes a fresh issue of equity shares totaling up to ₹8,500 million and an offer for sale of shares aggregating up to ₹2,500 million by SVG Business Trust, the promoter selling shareholder. The total offer size stands at ₹11,000 million.
Proceeds from the IPO will be used to fund the establishment of 12 new stores in Maharashtra, repay or prepay certain borrowings, and for general corporate purposes.
This IPO is being conducted in compliance with the Securities Contracts (Regulation) Rules, 1957, and SEBI’s ICDR Regulations, through a Book Building Process.
Not more than 50% of the offer is reserved for Qualified Institutional Buyers (QIBs), with up to 60% of this segment potentially allocated to anchor investors.
Additionally, 15% of the offer is reserved for non-institutional bidders, and the remaining 35% is set aside for retail investors. All investors, except anchor investors, are required to participate through the Application Supported by Blocked Amount (ASBA) process.
The equity shares will be listed on the BSE and NSE, having already received in-principle approvals from both exchanges on July 3, 2024. Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited), and BOB Capital Markets Limited are the lead managers for this offering.
