P N Gadgil’s IPO opens on Sep 10

New Delhi: Jewellery retail chain P N Gadgil Jewellers Ltd on Thursday fixed a price band of Rs456-480 per share for its Rs1,100-crore initial share sale and proceeds will be used for expansion plans and pare debt. The Initial Public Offering (IPO) will open for public subscription on September 10 and conclude on September 12 and the bidding for anchor investors will open for a day on September 9, the company announced. The Maharashtra-based company’s IPO is a combination of a fresh issue of equity shares worth up to Rs850 crore and an offer for sale (OFS) of equity shares to the tune of Rs250 crore by promoter SVG Business Trust. At present, SVG Business Trust holds a 99.9 per cent stake in P N Gadgil Jewellers. Brokerage houses have pegged the company’s market capitalisation at over Rs6,500 crore post-issue.