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What is the latest news relating to P N Gadgil IPO?
The scrip is listed at Rs. 830, much better than the expectations of the grey market.
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P N Gadgil Jewellers IPO Subscriptions (Closed)Price Rs. 480 Lot 31 shares, Rs. 810.53 Crore |
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| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 136.85 | 59.11 | 50.03 | 56.08 | 16.58 | 59.40 |
| Applications: 39,86,536 / (15.41x) Amount wise Bids recd. Rs. 48145.26 Crore |
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THE PROMOTERS OF THE COMPANY ARE SAURABH VIDYADHAR GADGIL, RADHIKA SAURABH GADGIL AND SVG BUSINESS TRUST
What are the Objects of P N Gadgil IPO?
The Offer comprises of the Fresh Issue and the Offer for Sale.
The Company proposes to utilize the Net Proceeds towards funding of the following objects:
a. Repayment/ prepayment of indebtedness of the Company and its Subsidiaries;
b. Funding incremental working capital requirements of the Company;
c. Pursuing inorganic growth initiatives through acquisitions; and
d. General corporate purposes.
What is the business of P N Gadgil?
As of January 2024, P N Gadgil ranks as the second largest organized jewellery retailer in Maharashtra by store count. Maharashtra remains India’s top market for BIS-registered jewellery outlets, according to the Technopak Report. Notably, it is the fastest-growing jewellery brand among key players in India, based on revenue growth from Fiscal 2021 to Fiscal 2023. Its revenue has surged at a remarkable CAGR of 52.82% during this period. Additionally, its EBITDA growth of 56.50% between Fiscal 2021 and Fiscal 2023 is among the highest in the sector. It also experienced the most significant increase in Return on Equity (ROE) and achieved the highest revenue per square foot in Fiscal 2023 among organized jewellery players in India. Maharashtra leads in retail spending and contributed approximately 15% to the overall jewellery expenditure in India for Fiscal 2023.
Brand heritage
Its ‘PNG’ brand builds on the prestigious heritage of the ‘P N Gadgil’ brand, established in 1832. This rich legacy enhances its brand recognition and solidifies its presence in Maharashtra. The company offers a diverse selection of jewellery, including gold, silver, platinum, and diamond pieces, catering to various price points and styles. Its collections feature designs for special occasions such as weddings, engagements, and festivals, as well as everyday wear. Its jewellery is available through its flagship brand ‘PNG’ and several sub-brands across multiple channels, including 33 retail stores as of December 31, 2023, and various online marketplaces, including our website.
Currently, it operates 33 stores, comprising 32 locations across 18 cities in Maharashtra and Goa, and one store in the U.S. Its retail footprint spans approximately 95,885 square feet. Out of these, 23 are company-owned stores, while 10 operate under a franchisee-owned and company-operated (FOCO) model. This approach allows it to maintain strict quality control and deliver a consistent customer experience. The stores include 19 large format stores (over 2,500 sq. ft.), 11 medium format stores (1,000 to 2,500 sq. ft.), and 3 small format stores (under 1,000 sq. ft.). The company plans to further expand its network by opening 12 new stores in Maharashtra by Fiscal 2026, with the expansion financed through net proceeds.
For more information, click www.pngjewellers.com
P N Gadgil IPO GMP grey market premium, review, Subscription, allotment, listing
P N Gadgil IPO Details |
|
| IPO opens on | 10 September 2024 |
| IPO closes on | 12 September 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 22916667 Shares / Rs 1100 Crore |
| * Fresh Issue | 17708334 Shares / Rs 850 Crore |
| * Offer for Sale | 5208333 Shares / Rs 250 Crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 456-480 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 31 Shares |
| Listing will at | BSE, NSE |
| Shares offered in P N Gadgil IPO? | Shares | Rs. in Crore |
| QIB (50 %) | 11458334 | 550 |
| NII (15 %) | 3437500 | 165 |
| RII (35 %) | 8020833 | 385 |
| – | – | |
| Total Shares | 22916667 | 1100 |
| Retail portion will be oversubscribed by | 258736 Forms. | |
| How to apply in P N Gadgil IPO? |
Amount Rs. |
|
| Min Retail Application | 31 Shares | 14880 |
| Max Retail Application | 403 Shares | 193440 |
| Small HNI (Min) application | 434 Shares | 208320 |
| Small HNI (Max) application | 2077 Shares | 996960 |
| Big HNI Application | 2108 Shares | 1011840 |
What is the timetable of P N Gadgil IPO? |
|
| IPO opens on | 10 September 2024 |
| IPO Closes on | 12 September 2024 |
| IPO Allotment on | 13 September 2024 |
| Unblocking of ASBA | 16 September 2024 |
| Credit of Shares | 16 September 2024 |
| Listing on | 17 September 2024 |
| Registered Office of the company | |
| 694, Narayan Peth, Pune, Maharashtra, India–411 030 |
|
| Lead Managers of the IPO Motilal Oswal Investment Advisors Limited Nuvama Wealth Management Limited BOB Capital Markets Limited |
|
| Registrar to IPO | |
| Bigshare Services Private Limited |
P N Gadgil IPO Financial & Analytical Ratios |
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| Year | Total Income | Net Profit | EPS | RoNW |
| Rs. in Crore | Rs.in Cr | Rs. | % | |
| 2021-22 | 2586 | 69.52 | 5.89 | 22.48 |
| 2022-23 | 4559 | 93.70 | 7.95 | 25.09 |
| 2023-24 | 6119 | 154.34 | 13.08 | 28.88 |
| Book Value of the Share on 31.03.2024 |
Rs. | 45.29 | ||
| BV after the IPO | Rs. | ? | ||
| Offer Price at Cap | Rs. | 480 | ||
IPO Ratio Analysis |
|
| Price /EPS | 36.70 |
| Price/Book Value | 10.60 |
| Price/BV after IPO | ? |
How P N Gadgil IPO compares with the Peers?
| As on date of RHP | FV | Total | PE |
| Rs. | Income | Ratio of | |
| Rs. In Cr | |||
| P N Gadgil | 10 | 6111 | 36.70 |
| Kalyan Jewellers | 10 | 18548 | 101.53 |
| Senco Gol | 10 | 4077 | 45.50 |
| Thyngamayil Jewellery | 10 | 3827 | 42.89 |
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P N Gadgil IPO Review
Will post our review, once the price, lot and dates are announced.
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