PN Gadgil Jewellers shares trade at a premium
On Tuesday, shares of another new company, PN Gadgil Jewellers (PN Gadgil Jewellers Share Listing), entered the stock market. Following the market trend, its shares also opened at a premium and closed at a premium. Earlier, shares of Bajaj Housing Finance were listed on Monday and closed at a record premium.
PN Gadgil Jewellers operates jewellery retail stores in many areas of the country. From Tata Group’s Tanishq to Aditya Birla Group’s Indriya, Kalyan Jewellers, Reliance Jewels and Senco Group are already present in this segment.
Action closed with premium 65
Shares of PN Gadgil Jewellers Limited were listed on the BSE on Tuesday at a premium of around 74 per cent but by late afternoon the company’s stock closed with a gain of 65 per cent. Thus, the company’s stock opened at Rs 834. During trading, it surged by 75.79 per cent to Rs 843.80. At the end of trading, it closed at Rs 792.80 with a gain of 65.16 per cent. While its IPO price was just Rs 480.
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Similarly, the company’s shares opened at Rs 830 on NSE with a rise of 72.91 per cent. At the end of trading, it closed at Rs 787.90 with a gain of 64.14 per cent. Following this, the market capitalisation of the company stood at Rs 10,758.96 crore. A day earlier on Monday, Bajaj Housing Finance shares had closed at around Rs 164 with a premium of 134 per cent on the listing day.
The IPO received a tremendous response
The IPO of PN Gadgil Jewellers Limited received tremendous response from investors. On the last day of the IPO i.e. last Thursday, the company’s IPO closed with a total subscription of 59.41%. The price band for the company’s Rs 1,100 crore IPO was Rs 456 to Rs 480 per share. The company will use Rs 393 crore of the IPO proceeds to open 12 new stores in Maharashtra. Apart from this, Rs 300 crore will be used to repay the loan and a portion will be used for general works of the company.
