IPO

P N GADGIL JEWELLERS Limited IPO

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Gems, Jewellery And Watches

Listed On: Sep 17, 2024 at ₹ 830.0(NSE)

₹ 14880 /31 Shares

Check Allotment

10 Sep, 2024

Open Date

12 Sep, 2024

Close Date

13 Sep, 2024

Allotment Date

17 Sep, 2024

Listing Date
Price Summary

Last Closing

648.00 (35%)

52 Week High

830.00

52 Week Low

473.80

Last Update

31-Oct-2025 3:30 PM
P N GADGIL JEWELLERS IPO Issue Details
  • Issue Price ₹456-480 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 2,29,16,667 shares(aggregating up to ₹1100 crore)
  • Fresh Share 1,77,08,334 shares(aggregating up to ₹850 crore)
  • Offer For Sale 52,08,333 shares(aggregating up to ₹250 crore)
  • Listing at BSE, NSE
  • List Price 830.0(NSE)
  • Listing Date 2024-09-17
  • Lead Manager Motilal Oswal Investment Advisors Limited
    Nuvama Wealth Management Limited
    Bob Capital Markets Limited
  • Registrar Bigshare Services Pvt Ltd
Market Lot Size

Investors can bid for a minimum of 31 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min) 131₹14,880
Retail(max)13403₹1,93,440
P N GADGIL JEWELLERS IPO Reservation

P N GADGIL JEWELLERS IPO offers total 2,37,60,963 shares. Out of which 48,24,560 (20.3%) allocated to QIB, 36,18,421 (15.23%) allocated to NII,84,42,983 (35.53%) allocated to RII, NA (NA%) allocated to employees and 68,74,999 (28.93%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered68,74,999 (28.93%)
QIB Shares Offered48,24,560 (20.3%)
NII (HNI) Shares Offered36,18,421 (15.23%)
bNII < ₹10L24,12,281 (10.15%)
sNII < ₹10L12,06,140 (5.08%)
Retail Shares Offered84,42,983 (35.53%)
Total Shares Offered2,37,60,963 (100%)
P N GADGIL JEWELLERS IPO Documents
DRHP
RHP
ANCHOR
P N GADGIL JEWELLERS IPO Details


P N GADGIL JEWELLERS IPO is a book-built issue of ₹1100 crores, The total issue size is ₹1100 crores. The IPO of P N GADGIL JEWELLERS is priced at ₹456-480 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Sep 10, 2024 and ends on Sep 12, 2024. The allotment for P N GADGIL JEWELLERS IPO will be finalized on Sep 13, 2024. P N GADGIL JEWELLERS IPO will be listed on BSE, NSE, with a tentative listing date fixed as Sep 17, 2024. The company shall list its equity shares on the BSE, NSE. Bigshare Services Pvt Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 31 shares, extendable to 14,880. The book-running lead manager for the IPO is/are Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Bob Capital Markets Limited.

The total issue ₹1100 crore, comprising a fresh issue of 1,77,08,334 shares ₹850 crore and having Offer for Sale (OFS) of 52,08,333 shares to mop up ₹250 crore.

The P N GADGIL JEWELLERS IPO sets its price band at 456-480 for each share. A single application for P N GADGIL JEWELLERS Limited IPO must contain at least 31 shares. Sentiment investors need to invest a minimum of 31 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,880

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P N GADGIL JEWELLERS IPO Subscription Analysis And Details
Retail
16.55x
QIB
136.85x
NII
56.08x
bNII
59.11x
sNII
50.01x
Total
59.39x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved4,824,5603,618,421
2,412,281    1,206,140		8,442,98316,885,964
Day 1 10-09-24 05:00 PM
0.01 x3.25
2.86 x   4.04 x		2.60 x2.00 x
Day 2 11-09-24 05:00 PM
0.08 x15.74
15.09 x   17.06 x		6.98 x6.89 x
Day 3 12-09-24 05:00 PM
136.85 x56.08
59.11 x   50.01 x		16.55 x59.39 x
Total No of Applications
39,84,354
Subscription on the basis of Applications
Retail:14.64x BHNI:12.33x SHNI:49.50x
P N GADGIL JEWELLERS Valuations
EPS Pre IPO ₹13.08/-
EPS Post IPO ₹11.37/-
P/E Pre IPO 36.7
P/E Post IPO 42.2
ROE 28.88%
ROCE 27.31%
Debt/Equity 0.74
RoNW 28.88%
PAT Margin 2.53
Price to Book Value 10.60
P N GADGIL JEWELLERS Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets1,464.981,062.551,110.24
Revenue6,119.14,559.312,586.31
Profit After Tax154.3493.769.52
Net Worth534.38365.73282.01
Total Borrowing396.5283.21294.93
About P N GADGIL JEWELLERS Company

P N GADGIL JEWELLERS is the second biggest organized jewellery company in Maharashtra, India due to its solid brand footing and presence in area. Furthermore, it is a rapidly expanding jewellery brand in India, operating in the Maharashtra region. The company offers extensive selection to its clientele for precious metal/jewellery items, including gold, silver, platinum, and diamond jewellery, from varying price points and designs. As of Dec 31, 2023, the firm had 33 outlets and all its stores are operated and manage under the franchisee-owned (FOCO) and company-operated (COCO) models. Following the IPO, the business intends to extend its network by building 12 new stores in Maharashtra over the course of 3 years, all funded by the IPO proceeds.

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P N GADGIL JEWELLERS - Promoter(s)

Saurabh Vidyadhar Gadgil

Radhika Saurabh Gadgil

SVG Business Trust

Pre Issue Share Holding : 100%

Post Issue Share Holding : 83.11%

P N GADGIL JEWELLERS IPO - Issue Objectives
1

Funding expenditure towards setting up 12 new stores in Maharashtra (New Stores)

2

Repayment or pre-payment, in full or part, of certain borrowings availed by our Company

3

General corporate purposes.

P N GADGIL JEWELLERS IPO - Anchor Investors

PN Gadgil Jewellers collects Rs 330 cr from anchor investors.

ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are among the anchor investors.

P N GADGIL JEWELLERS IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
P N Gadgil Jewellers Limited21.5913.0845.29N/A28.8810.67Standalone
Kalyan Jewellers India Limited5.85.840.67101.5314.2314.7Standalone
Senco Gold Limited24.0623.98175.7445.513.266.23Standalone
Thangamayil Jewellery Ltd44.9144.91179.7442.8924.9910.76Standalone

Notes:

  1. Basic and diluted earnings/ (loss) per equity share: Basic and diluted earnings/ (loss) per equity share are computed by Indian Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).
  2. Net worth is calculated as the sum of Share capital, other equity and reserves of a disposal group held for sale.
  3. Net Asset Value per share is calculated by dividing Restated equity attributable to owners of the Company by Weighted average number of equity shares outstanding during the period.
  4. Return on Net Worth (%) = Restated net profit/(loss) after tax for the years/period attributable to the owners of the Company / Equity attributable to owners of the Company.
  5. P/E Ratio for the peer group has been computed based on the closing market price of equity shares on NSE as on August 23, 2024, divided by the diluted EPS.
Strength
P N Gadgil Jewellers Limited boasts a well-established and trusted legacy brand in Maharashtra. With 33 stores, the company offers a diverse range of designs and products across gold, diamond, silver, and platinum, catering to various occasions and preferences.
As the second largest organised retail jewellery player in Maharashtra, P N Gadgil Jewellers Limited is strategically positioned for growth. With a focus on expanding its footprint in Tier II and Tier III cities, the company aims to capitalise on the vast market potential in Maharashtra. The Indian jewellery retail sector's expected growth also presents ample opportunities for the company to solidify its market presence.
The company's diverse product portfolio, comprising over 10,000 SKUs in gold, 1,200 SKUs in silver, 2,700 SKUs in platinum, and 24,000 SKUs in diamond jewellery designs, caters to a wide range of customer preferences and price points. Utilising its brand strength and understanding of consumer needs in Maharashtra, P N Gadgil Jewellers Limited curates designs that resonate with local tastes while also appealing to broader consumer segments.
Backed by an experienced senior management team, the company has achieved robust financial growth, evidenced by significant increases in revenue, profit, and operational efficiency over the years. This strong financial performance underscores the company's effective capital utilisation and working capital management.
Weakness
Ineffective management or expansion of the retail network, coupled with challenges in executing growth strategies, may lead to underperforming new stores, thereby negatively affecting business prospects, financial stability, and operational results.
Operating in a highly competitive market with established players offering competitive prices based on market trends and customer preferences poses a challenge to P N Gadgil Jewellers Limited's market share and profitability.
The company does not own the trademark for its key flagship PNG brand, relying instead on permissions from P N Gadgil Jewellers. This dependency poses a risk to the company's branding and licensing flexibility.
With a primary focus on Maharashtra and significant revenue reliance on the top five stores in the region, any adverse developments affecting this area could negatively impact the company's business prospects, financial condition, and operational results.
Contact Details

P N GADGIL JEWELLERS

694 Narayan Peth, Pune - 411 030

+912024478474

secretarial@pngadgil.com

https://www.pngjewellers.com/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200

ipo@bigshareonline.com

https://ipo.bigshareonline.com/ipo_status.html