Investors subscribe PN Gadgil's IPO two times offer size on day 1
The initial public offer of jewellery retail chain PN Gadgil Jewellers Ltd got fully subscribed within a few hours of opening for bidding on Tuesday and ended the day with a two-time subscription. The Rs 1,100 crore initial share sale received bids for 3,38,86,720 shares against 1,68,85,964 shares on offer, translating into 2.01 times subscription, according to the NSE data. The portion for non-institutional investors got booked 3.26 times and the quota for Retail Individual Investors (RIIs) received 2.61 times subscription. The Qualified Institutional Buyers (QIBs) part got subscribed 1 per cent. PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors. The initial public offering (IPO) will conclude on September 12. The price band for the offer has been fixed at Rs 456-480 per share. The Maharashtra-based company's IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tun
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