P N Gadgil Jewellers IPO Anchor Allocation at 28.93%

P N Gadgil Jewellers IPO saw a positive anchor allocation response, with 28.93% of the total IPO size subscribed by anchor investors. Out of 22,916,667 shares on offer, anchors picked up 6,874,999 shares, demonstrating strong market confidence. The anchor allocation details were reported to the stock exchanges on 9th September 2024, just ahead of the IPO opening on 10th September 2024.

The book-built issue of ₹1,100.00 crores comprises a fresh issue of 17,708,334 shares aggregating ₹850.00 crores and an offer for sale of 5,208,333 shares aggregating ₹250.00 crores. The price band is set at ₹456 to ₹480 per share, with a face value of ₹10 per share. This includes a share premium of ₹470 per share at the upper end of the price band.

The anchor allocation process, which took place on 9th September 2024, saw strong participation from institutional investors. The entire anchor allocation was made at the upper end of the price band, ₹480 per share, indicating robust demand and confidence in the company's prospects.

After the anchor allocation, the overall allocation of the P N Gadgil Jewellers IPO looks as follows:

Notably, the 6,874,999 shares allocated to anchor investors were reduced from the original Qualified Institutional Buyers (QIB) quota. As a result, the QIB quota has been reduced from 49.23% before the anchor allocation to 20.30% after the allocation. This adjustment ensures that the overall allocation to QIBs, including the anchor portion, remains within regulatory limits.

The lock-in period for anchor investors is an important aspect of the allocation. For P N Gadgil Jewellers Limited IPO, the lock-in details are as follows:

• Lock-in Period (50% Shares): 13th October 2024
• Lock-in Period (Remaining Shares): 12th December 2024

This lock-in period ensures that anchor investors maintain their investments for a specified duration, stabilising the stock price after listing.

Anchor Investors in P N Gadgil Jewellers IPO

Anchor investors are typically large institutional investors allotted shares in an IPO before it opens to the public. The anchor allocation process is a crucial part of the IPO, as it helps in price discovery and builds confidence among retail investors. The strong response from anchor investors often sets a positive tone for the public issue and can influence the overall subscription levels.

On 9th September 2024, P N Gadgil Jewellers IPO completed the bidding for its anchor allocation. There was a robust response as the anchor investors participated in the book-building process. A total of 6,874,999 shares were allotted to at least 32 anchor investors. The allocation was done at the upper IPO price band of ₹480 per share, resulting in an overall anchor allocation of ₹330.00 crore. The anchors have already absorbed 28.93% of the total issue size of ₹1,100.00 crore, indicating strong institutional demand.

The entire anchor allocation of ₹330.00 crore was spread across the anchor investors, with 3,354,199 Equity Shares allocated to 10 Domestic Mutual Funds through a total of 18 schemes. The detailed and comprehensive report on the anchor allocation can be accessed on the BSE website.

Key IPO Details:

• IPO Size: ₹1,100.00 crores
• Shares Allocated to Anchors: 6,874,999
• Anchor Subscription Percentage: 28.93%
• Listing Date: 17th September 2024
• IPO Opening Date: 10th September 2024

About P N Gadgil Jewellers IPO and How to Apply for P N Gadgil Jewellers IPO

P N Gadgil Jewellers Limited, established in 2013, 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 had grown to 33 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.

The company offers 8 sub-brands for gold jewelry, two for diamond jewelry, and two for platinum jewelry collections. As of September 30, 2023, the company had 1,152 employees.

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