As the bidding deadline for PN Gadgil Jewellers’ IPO draws closer, the environment is brimming with excitement and investor enthusiasm. In the busy grey market, the company’s unlisted shares command a substantial premium of ₹268, a staggering 56% jump from the IPO’s upper price band of ₹480.
Since the IPO subscription opened on September 9, 2024, this premium has climbed by ₹10, reflecting a surge in investor zeal that shows no signs of slowing.
This IPO is shaping up to be a spectacular hit. Bids flooding in for nearly 20 crore shares against the modest offering of 1.68 crore shares, resulting in a dazzling subscription rate of 11.67 times. Non-institutional investors (NIIs) are leading the charge, scooping up shares at 16.45 times the available lot.
While retail individual investors (RIIs) are hot on their heels, with bids soaring 11 times, qualified institutional buyers (QIBs) have shown a tepid response, with bids at just 0.28 times, suggesting a cautious stance amid the broader enthusiasm.
Brokerage firms are cheering on the PN Gadgil Jewellers IPO, with glowing endorsements from Deven Chokshi Research and the Anand Rathi Research team, both heralding it as a promising bet for long-term gains.
Priced attractively in the range of ₹456 to ₹480 per share, the IPO’s minimum lot size is set at 31 shares, making the entry ticket for retail investors at least ₹14,880, an appealing prospect for those eager to join the fray.
BigShare Services is steering the IPO ship with the robust support of lead managers Motilal Oswal Investment Advisors, Nuvama Wealth Management, and BOB Capital Markets.
Following the frenzied subscription phase, share allotment is slated for September 13, 2024, with credits to demat accounts expected by September 16, 2024.
The much-anticipated debut on BSE and NSE is just around the corner, scheduled for September 17, 2024, when the market will finally reveal whether this glittering stock will continue to shine in the days to come.
Since opening for bids, the IPO has been subscribed a robust 12.3 times. It has attracted bids for a staggering 20.78 crore shares, far outstripping the 1.68 crore shares on offer. As of midday, the retail portion was oversubscribed by 11.4 times, while the NII portion led the pack with an impressive 30.4 times oversubscription setting the highest mark among all investor categories.
The fervent demand and soaring grey market premium paint a picture of strong investor confidence in PN Gadgil Jewellers’ IPO. The excitement is palpable, with the market abuzz over this dazzling debut, as investors line up in droves, eager to snag a piece of the glittering prize.
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