PN Gadgil Jewellers Shares Close At 5% Discount Over Listing Price

Shares of PN Gadgil Jewellers Ltd. closed at a discount of 5.07% on the National Stock Exchange on Monday at Rs 787.90 as compared to the issue price of Rs 480 apiece. The stock closed at Rs 792.80 apiece on the BSE, marking a discount of 4.9%.

The Scrip debuted on the NSE at a premium of 72.92% and on the BSE at a premium of 73.75% in the morning.

The initial public offering was subscribed 59.41 times on its third and final day. The offering consisted of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.

The company will use the net proceeds to set up 12 new stores in Maharashtra, repayment or pre-payment, in full or part, of certain borrowings availed by the company, and for general corporate purposes.

PNG Jewellers' revenue grew 36% to Rs 6,110.9 crore in fiscal 2024, compared to Rs 4,507.5 crore in the previous fiscal. This was driven by strong operational performance and possible increased demand.

This revenue boost helped the company improve its profitability considerably, as reflected in the rise in Ebitda from Rs 122.6 crore in fiscal 2023 to Rs 269.3 crore in fiscal 2024, marking a 120% increase.

Ebitda margin stood at 4.41% in fiscal 2024, compared to 2.72% in fiscal 2023.