P N Gadgil Jewellers Limited IPO And Its GMP IPO Details
| 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 | 2,29,16,667 shares (aggregating up to ₹ 1,100.00 Cr) |
| Fresh Issue | 1,77,08,334 shares (aggregating up to ₹ 850.00 Cr) |
| Offer for Sale | 52,08,333 shares of ₹10 (aggregating up to ₹ 250.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 11,80,00,000 |
| Share holding post issue | 13,57,08,334 |
About 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.
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 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 |
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.).
Objectives of P N Gadgil Jewellers IPO
The Company proposes to utilize the Net Proceeds towards funding the following objectives:
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.
-
- 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 Limited IPO And Its GMP Financial Information
Latest Revenue
6,119.1
₹ Crore
Profit After Tax
154.34
₹ Crore
Net Worth
534.38
₹ Crore
Total Borrowing
396.5
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2024 | 1,464.98 | 6,119.1 | 154.34 | 534.38 | 396.5 | ||||
| 31 Mar 2023 | 1,062.55 | 4,559.31 | 93.7 | 365.73 | 283.21 | ||||
| 31 Mar 2022 | 1,110.24 | 2,586.31 | 69.52 | 282.01 | 294.93 | ||||
| Amount in ₹ Crore | |||||||||
IPO Estimated Listing Return
Based on the IPO Price of ₹480 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹303, and a lot size of 31 shares.
P N Gadgil Jewellers Limited IPO And Its GMP GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 2024-09-17 | ₹480 | ₹303.50 (63.23%) | 2024-09-17 |
P N Gadgil Jewellers Limited IPO And Its GMP 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 |
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Competitive Strengths
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P N Gadgil Jewellers Limited IPO And Its GMP IPO Timeline
| 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 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid 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 |