On 17 September 2024, another company has entered the share market. This company sells jewellery. Shares of PN Gadgil Jewellers have been listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This company does business in Maharashtra.
Did investors gain or lose?
Investors who got the allotment of this IPO have made a profit on the first day itself as the stock got listed at a premium to the issue price. After receiving a tremendous response to the IPO, shares of PN Gadgil Jewelers have been listed at a strong premium of about 74 per cent. A bumper listing of the IPO of jewelry retail chain PN Gadgil Jewelers was already expected. Let us tell you that the price band was fixed at Rs 456 to Rs 480 per share and the shares of PN Gadgil Jewellers were listed on NSE at a price of Rs 830 per share (PN Gadgil Jewellers Share Price). Whereas, the stock was listed on BSE at a price of Rs 834 per share.
What will the company do with the IPO money?
Out of the proceeds from the new issue, Rs 393 crore will be used to open 12 new stores in Maharashtra, while Rs 300 crore will be allotted to repay debt and a part of it will be used for general corporate purposes.
Which jewellery does the company sell?
It is known that PN Gadgil Jewellers Limited’s portfolio includes different types of precious metals and jewellery products including gold, silver, platinum and diamond jewellery.
