/cdn.vox-cdn.com/uploads/chorus_asset/file/24418649/STK114_Google_Chrome_02.jpg?w=400&resize=400,250&ssl=1 "Google’s passkey syncing makes it easier to move on from passwords")
PN Gadgil Jewellers IPO GMP skyrockets 56% on final day; should you bid?
Source: Business Standard
PN Gadgil Jewellers IPO closes today: As the IPO bidding for PN Gadgil Jewellers comes to a close, the company’s unlisted shares continue to thrive in the grey market, fueled by strong investor demand. PN Gadgil Jewellers shares are trading at a premium of Rs 268, a 56 per cent premium over the IPO’s upper price band of Rs 480, as per sources tracking grey market activities.
This upward momentum is further evidenced by a Rs 10 increase in the premium since Tuesday, September 9, 2024, when the IPO subscription opened.
Meanwhile, the IPO has received an overwhelming response from investors, with bids pouring in for 19,69,93,964 shares against the 1,68,85,964 shares on offer as of 11:39 AM on Thursday. This translates to a subscription rate of 11.67 times, underscoring the significant demand for the company’s shares.
The highest bid has so far come from Non-Institutional Investors (NIIs) who placed bids for 16.45 times for the PN Gadgil Jewellers IPO, followed by Retail Individual Investors (RIIs) at 11 times, and Qualified Institutional Buyers (QIBs) at 0.28 times.
The public issue of PN Gadgil Jewellers has received favourable reviews from several brokerages, including Deven Chokshi Research and Anand Rathi Research Team. Deven Chokshi Research has assigned a Subscribe rating on the PN Gadgil Jewellers IPO, while Anand Rathi has recommended investors to subscribe to the public issue for the long-term perspective.
The public issue is available at a price band of Rs 456-480 with a lot size of 31 shares. Thus, investors can bid for a minimum of 31 shares and in multiples thereof. The minimum amount required by a retail investor to bid for the PN Gadgil Jewellers IPO is Rs 14,880.
For the public issue, Bigshare Services is the registrar, while Motilal Oswal Investment Advisors, Nuvama Wealth Management, and Bob Capital Markets are the book running lead managers.
Following the closure of the subscription window, the allotment of PN Gadgil Jewellers IPO is likely to happen on Friday, September 13, 2024. Subsequently, the company’s shares will be credited into demat accounts on Monday, September 16, 2024.
PN Gadgil Jewellers shares are expected to make their debut on the bourses on Tuesday, September 17, 2024, by listing on the BSE, and NSE.
First Published: Sep 12 2024 | 12:29 PM IST
