P N Gadgil Jewellers IPO out with a worth ₹1,100 crores through a book-built issue. The IPO consists of a fresh issue of 1.77 crore shares, raising ₹850 crores, along with an offer for sale (OFS) of 0.52 crore shares, totalling ₹250 crores.
The IPO will open for subscription from September 10, 2024, to September 12, 2024. The allotment of shares is expected to be finalized on Friday, September 13, 2024. P N Gadgil Jewellers is planning to list on both the BSE and NSE, with the tentative listing date set for Tuesday, September 17, 2024.
The price band for P N Gadgil Jewellers IPO is set between ₹456 and ₹480 per share. For retail investors, the minimum application size is 31 shares, which requires an investment of ₹14,880. For sNII (small non-institutional investors), the minimum investment is 14 lots, or 434 shares, amounting to ₹208,320. Meanwhile, bNII (big non-institutional investors) need to invest in at least 68 lots, or 2,108 shares, which totals ₹1,011,840.
This IPO offers a mix of fresh equity and an offer for sale, making it a key event for investors interested in the growing jewellery sector in India.
About P N Gadgil Jewellers Ltd
Founded in 2013, P N Gadgil Jewellers has established itself as a prominent name in the jewellery industry. The company offers diverse products, including gold, silver, platinum, and diamond jewellery, catering to various customer preferences and price ranges.
Under its flagship brand ‘PNG’ and sub-brands like Lifestyle, Saptam, Swarajya, Rings of Love, Flip, Pratha, and Yoddha, the jeweller provides collections for all occasions, such as weddings, engagements, anniversaries, festivals, and even everyday wear.
As of December 31, 2023, P N Gadgil Jewellers had expanded its retail presence to 33 stores, 32 outlets spread across 18 cities in Maharashtra and Goa, and one store in the United States.
The company’s total retail area covers approximately 95,885 square feet, showcasing its rapid growth and strong customer base in the jewellery market.
P N Gadgil Jewellers Ltd IPO Details
| Particulars | Details |
| P N Gadgil Jewellers IPO Date | September 10, 2024 to September 12, 2024 |
| Face Value | Rs 10 per share |
| Price Band | Rs 456 to Rs 480 per share |
| P N Gadgil Jewellers Lot Size | 31 Shares |
| Total Issue Size | 22,916,667 shares (aggregating up to Rs 1,100.00 Crore) |
| Fresh Issue | 1,77,08,334 shares (aggregating up to Rs 850.00 Crore) |
| Offer for Sale | 52,08,333 shares of Rs 10 (aggregating up to Rs 250.00 Crore) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 11,80,00,000 |
| Shareholding post issue | 13,57,08,334 |
P N Gadgil Jewellers Ltd IPO Dates
| Particulars | Details |
| IPO Open Date | Tuesday, September 10, 2024 |
| IPO Close Date | Thursday, September 12, 2024 |
| Basis of Allotment | Friday, September 13, 2024 |
| Initiation of Refunds | Monday, September 16, 2024 |
| Credit of Shares to Demat | Monday, September 16, 2024 |
| Listing Date | Tuesday, September 17, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2024 |
P N Gadgil Jewellers IPO Market Lot
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 31 | Rs 14, 880 |
| Retail (Max) | 13 | 403 | Rs 1,93,440 |
| S-HNI (Min) | 14 | 434 | Rs 2,08,320 |
| S-HNI (Max) | 67 | 2,077 | Rs 9,96,960 |
| B-HNI (Min) | 68 | 2,108 | Rs 10,11,840 |
Financials of the P N Gadgil Jewellers Ltd
| Particulars | As of 31-Mar-24 | As of 31-Mar-23 | As of 31-Mar-22 |
| Assets (Rs in crores) | 1,464.98 | 1,062.55 | 1,110.24 |
| Revenue (Rs in crores) | 6,119.10 | 4,559.31 | 2,586.31 |
| Profit After Tax (Rs in crores) | 154.34 | 93.7 | 69.52 |
| Net Worth (Rs in crores) | 534.38 | 365.73 | 282.01 |
| Reserves and Surplus (Rs in crores) | 255.53 | 191.22 | |
| Total Borrowing (Rs in crores) | 396.5 | 283.21 | 294.93 |
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P N Gadgil Jewellers Ltd RHP
Strengths:
- The legacy of the ‘PNG’ brand has made it a well-established and trusted name in Maharashtra’s jewellery market.
- P N Gadgil Jewellers boasts a diverse product portfolio, offering:
- Over 10,000 SKUs in gold jewellery,
- Over 1,200 SKUs in silver,
- Over 2,700 SKUs in platinum,
- Over 24,000 SKUs in diamond jewellery designs, as of September 30, 2023, catering to various price points.
- According to a report by Technopak, the company had the lowest working capital days among key organized jewellery players in Fiscal 2023.
- P N Gadgil Jewellers is the second-largest organized retail jewellery player in Maharashtra and one of the fastest-growing brands in the region.
Risks:
- The business is primarily concentrated in Maharashtra, relying heavily on its top five stores in the region for revenue. Any negative developments affecting these areas or stores could have a serious impact on the company’s performance.
- The company requires a significant amount of working capital for growth. Failure to secure necessary working capital on favourable terms could negatively affect its business.
- Operating in a highly competitive and fragmented market, the company faces strong competition based on market trends, pricing, and customer preferences.
- The inability to accurately identify market trends and customer demands or to maintain an optimal inventory level in stores could adversely impact the company’s operations.
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P N Gadgil Jewellers Ltd IPO Documents
| P N Gadgil Jewellers Ltd IPO Documents | DRHP | RHP |
| P N Gadgil Jewellers Limited Contact Details | P N Gadgil Jewellers IPO Registrar |
| P N Gadgil Jewellers Limited 694, Narayan Peth, Pune – 411 030 Phone: +912024478474 Email: secretarial@pngadgil.com Website: https://www.pngjewellers.com/ | Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/ipo_status.html |
