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P N Gadgil Jewellers make strong debut; should investors book profit?
Source: Business Standard
P N Gadgil Jewellers shares made a stellar debut on the bourses, listing at Rs 834 on the BSE, commanding a premium of 73.75 per cent over the issue price of Rs 480 per share. On the National Stock Exchange (NSE), the stock listed at Rs 830, up 72.91 per cent over the issue price.
The debut was higher than expectations as the Street was expecting a listing gain of over 63 per cent premium. As such, the unlisted market hinted at a likely listing of P N Gadgil Jewellers’ stock at Rs 783.5 per share, including a premium of Rs 303.5 over the IPO price of Rs 480 per share.
“Overall, P N Gadgil’s strong listing debut reflects investor confidence in the company’s growth potential and financial stability,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd
Nyati recommends investors to booking part profit here or hold it for the long term keeping a stoploss at around 750.
Overall, P N Gadgil Jewellers saw a robust demand with 59.41 times subscription. On the last day of application, the IPO received the highest bids from Qualified Institutional Buyers (QIBs) at 136.85 times, non-institutional investors (NIIs) at 56.09 times the offered amount, followed by Retail Individual Investors (RIIs) at 16.58 times.
P N Gadgil Jewellers IPO’s subscription window opened on September 10, 2024, and concluded on September 12, 2024. The allotment for P N Gadgil Jewellers IPO was finalised on Friday, September 13, 2024.
The jewellery company had fixed the price band at Rs 456 to Rs 480 per share with a minimum lot size for an application of 31 shares. P N Gadgil Jewellers IPO was a book built issue of Rs 1,100 crore with a combination of a fresh issue of 17.7 million shares aggregating to Rs 850 crores and an offer for sale of 5.2 million shares aggregating to Rs 250 crore.
Analysts had assigned a ‘Subscribe’ rating on the P N Gadgil Jewellers IPO on the back of its strong fundamentals.
Deven Choksey Research had assigned a ‘Subscribe’ rating on P N Gadgil Jewellers IPO. According to the brokerage, P N Gadgil Jewellers capitalises on the strong demand for gold, silver, and diamonds. Operating in a steadily expanding sector driven by cultural significance, investment appeal, and a growing middle class, the company is well-positioned to benefit from the industry’s growth.
Likewise, Anand Rathi Research had also recommended investors to ‘Subscribe’ to the P N Gadgil Jewellers IPO for the long-term perspective. The brokerage’s report pointed out that, as a traditional player, the company runs customer-oriented incentives and loyalty schemes.
First Published: Sep 17 2024 | 10:07 AM IST
