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05 September 2024

P N Gadgil Jewellers Limited IPO And Its GMP

P N Gadgil Jewellers Limited is the second largest among the prominent organized jewelry players in Maharashtra, in terms of the number of stores as of January 2024, which is the largest market for BIS-registered outlets in India. They are also the fastest-growing jewelry brand amongst the key organized jewelry players in India, based on the revenue growth between Fiscal 2021 and Fiscal 2023. The CAGR for revenue from operations for the period between Fiscal 2021 and Fiscal 2023 was 52.82%.

The company achieved an EBITDA growth of 56.50% between Fiscal 2021 and Fiscal 2023, which is among the highest in key organized jewelry players in India. Also had the highest increase in ROE from Fiscal 2021 and Fiscal 2023 and the highest revenue per square feet in Fiscal 2023 among the key organized jewelry players in India. Maharashtra leads the retail spending in India and accounted for approximately 15% of the overall retail spend on jewelry in India in Fiscal 2023.

IPO OVERVIEW

● IPO Size: Rs 1,100.00 crores
● Issue Structure:
○ Fresh Issue: 1.77 crore shares amounting to Rs 850.00 crores
○ Offer for Sale (OFS): 0.52 crore shares amounting to Rs 250.00 crores
● Price Band: ₹456 to ₹480 per share
● Subscription Dates: September 10, 2024 to September 12, 2024
● Minimum Lot Size: 31 Shares
Book Running Lead Manager:
○ Motilal Oswal Investment Advisors Limited
○ Nuvama Wealth Management Limited
○ Bob Capital Markets Limited
Registrar: Bigshare Services Pvt Ltd

P N Gadgil Jewellers Limited IPO And GMP

WHAT IS GMP?

GMP stands for Grey Market Premium, and if you are planning your IPO then GMP plays an important role. A grey market is a place where stocks/shares get traded before getting officially listed on any stock exchange. The difference between the IPO price and the grey market price is known as GMP (grey market premium). GMP is a premium amount paid at which initial public offering (IPO) shares are traded before it is listed on the stock exchanges.

P N Gadgil Jewellers Limited IPO GMP

GMP Date	IPO Price	GMP	Last Updated
17-09-2024	480	303.50 (63.23%)	17-Sep-2024 12:55
16-09-2024	480	300 (62.50%)	16-Sep-2024 13:40
13-09-2024	480	333.0 (69%)	13-Sep-2024 12:40
12-09-2024	480	308.0 (64%)	12-Sep-2024 12:40
11-09-2024	480	258.0 (54%)	11-Sep-2024 12:15
10-09-2024	480	255.0 (53%)	10-Sep-2024 12:05
09-09-2024	480	234.0 (49%)	09-Sep-2024 12:30
06-09-2024	480	165.0 (34%)	06-Sep-2024 12:15

**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**

P N Gadgil Jewellers IPO Overview

Detail	Description
IPO Date	September 10, 2024 to September 12, 2024
Listing Date	[.]
Face Value	₹10 per share
Price Band	₹456 to ₹480 per share
Lot Size	31 Shares
Total Issue Size	22,916,667 shares (aggregating up to ₹1,100.00 Cr)
Fresh Issue	17,708,334 shares (aggregating up to ₹850.00 Cr)
Offer for Sale	5,208,333 shares of ₹10 (aggregating up to ₹250.00 Cr)
Issue Type	Book Built Issue IPO
Listing At	BSE, NSE
Shareholding pre issue	118,000,000
Share holding post issue	135,708,334

P N Gadgil Jewellers IPO Timeline (Tentative Schedule)

Detail	Description
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 Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	31	₹14,880
Retail (Max)	13	403	₹193,440
S-HNI (Min)	14	434	₹208,320
S-HNI (Max)	67	2,077	₹996,960
B-HNI (Min)	68	2,108	₹1,011,840

P N Gadgil Jewellers Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50.00% of the Offer
Retail Shares Offered	Not less than 35.00% of the Net Issue
NII (HNI) Shares Offered	Not less than 15.00% of the Net Issue

P N Gadgil Jewellers IPO Promoter Holding

Share Holding Pre Issue	100%
Share Holding Post Issue

Company & Financials

P N Gadgil Jewellers Limited was established in 2013 and offers a wide range of precious metal/jewelry products including gold, silver, platinum, and diamond jewelry under its brand name "PNG" in various price ranges and designs. As of December 31, 2023, the Company has 8 sub-brands offering gold jewelry collections for various occasions, namely Saptam, Swarajya, Rings of Love, The Golden Katha of Craftsmanship, Flip, Lifestyle, Pratha and Yoddha, two sub-brands offering diamond jewelry collections, namely Elina and PNG Solitaire, and two sub-brands offering platinum jewelry collections, namely Men of Platinum and Evergreen Love. The company also offers its customers the option of having jewelry made to measure. As of December 31, 2023, the Company had grown to 33 stores, including 32 stores across 18 cities in Maharashtra and Goa and one store in the US with a total retail space of approximately 95,885 sq. ft. All stores are operated and managed by the company, with 23 stores owned by the company and 10 stores operated by franchisees under the FOCO (franchisee-owned and company-operated) model. Of these stores, 19 are large format (2,500 sq. ft. or more), 11 are medium format (between 1,000 sq. ft. to 2,500 sq.ft.) and 3 are small format (less than 1,000 sq. ft.).

P N Gadgil Jewellers Limited Financial Information

Period Ended	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	1,464.98	1,062.55	1,110.24
Revenue	6,119.1	4,559.31	2,586.31
Profit After Tax	154.34	93.7	69.52
Net Worth	534.38	365.73	282.01
Reserves and Surplus		255.53	191.22
Total Borrowing	396.5	283.21	294.93
Amount in ₹ Crore

Key Performance Indicator

KPI	Values
ROE	28.88%
ROCE	27.31%
Debt/Equity	0.74
RoNW	28.88%
P/BV	15.49
PAT Margin (%)	2.53

	Pre IPO	Post IPO
EPS (Rs)	7.94	6.45
P/E (x)	60.45	74.45

Objectives of P N Gadgil Jewellers IPO

The Company proposes to utilize the Net Proceeds towards funding the following objectives:

1. Funding expenditure towards setting up 12 new stores in Maharashtra (New Stores).
2. Repayment or prepayment, in full or part, of certain borrowings availed by the Company.
3. General corporate purposes.

P N Gadgil Jewellers IPO Review

The company is the second largest organized jewellery player from Maharashtra. It posted steady growth in its top and bottom lines for the reported periods. It is adding 12 new stores with IPO funds and planning an expansion of its footprint. Based on FY24 earnings, the issue appears fully priced. Investors may park funds for the medium to long term.

FAQs for P N Gadgil Jewellers IPO

What is P N Gadgil Jewellers IPO?

P N Gadgil Jewellers IPO is a main-board IPO. The company is going to raise ₹1,100 Crores via IPO. The issue is priced at ₹456 to ₹480 per equity share. The IPO is to be listed on BSE & NSE.
When will the P N Gadgil Jewellers IPO open for subscription?

The IPO is to be open on September 10, 2024, for QIB, NII, and Retail Investors. The IPO will close on September 12, 2024.
What is P N Gadgil Jewellers IPO Investors Portion?

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
What is P N Gadgil Jewellers IPO Issue Size?

P N Gadgil Jewellers IPO issue size is ₹1,100 crores.
What is P N Gadgil Jewellers IPO Price Band?

P N Gadgil Jewellers IPO Price Band is ₹456 to ₹480.
What is P N Gadgil Jewellers IPO Lot Size?

The minimum bid is 31 Shares with ₹14,880.
What is the P N Gadgil Jewellers IPO Allotment Date?

P N Gadgil Jewellers IPO allotment date is September 13, 2024.
What is the P N Gadgil Jewellers IPO Listing Date?

P N Gadgil Jewellers IPO listing date is September 17, 2024. The IPO is to be listed on BSE and NSE.
What is the current GMP of P N Gadgil Jewellers?

The current GMP of P N Gadgil Jewellers is 303.50 (63.23%).