The shares were allotted at the upper end of the price band of Rs 480 per share. Of the total anchor book, around 3,354,000 shares were allotted to 10 domestic mutual funds through a total of 18 schemes.
Some of the notable anchor investors who participated in the anchor round include HDFC MF, Tata MF, Edelweiss MF, LIC MF, Invesco India, Citigroup, etc.
The company’s IPO comprises of a fresh issue of shares for Rs 8,500 crore and an offer for sale for Rs 2,500 crore. Under the OFS, promoter SVG Business Trust will sell a portion of its shares.
The proceeds raised through the IPO will be used to set up 12 new stores in Maharashtra, repay debt and for other general corporate purposes.
PN Gadgil Jewellers is the second largest among the leading jewellery companies in Maharashtra by number of stores as of January 2024. The company is also the fastest growing jewellery brand among the leading jewellery companies in India, based on revenue.
Growth from FY21 to FY23.
As of December 2023, the company has expanded to 33 stores, including 32 stores across 18 cities in Maharashtra and Goa, and one store in the US, with a total retail area of approximately 95,885 square feet.
PN Gadgil achieved a 56.5% increase in EBITDA between FY21 and FY23, as well as the highest revenue per square foot in FY23 amongst leading jewellery companies in India.
In FY23, the company’s operating revenue increased 76% year-on-year to Rs 4,507 billion and profit after tax increased 35% to Rs 9,400 billion. For the fiscal year ending March 2024, the company’s operating revenue is expected to be Rs 6,110 billion and profit after tax is expected to be Rs 1,540 billion.
Motilal Oswal Investment Advisors, Nuvama Wealth Management (formerly Edelweiss Securities) and BOB Capital Markets are the book-running lead managers for the issue.
