PN Gadgil states IPO, expecting the floor price over Rs 46
IPO to open on September 10, 2024 at price band of Rs 456per equity!
P N Gadgil Jewellers Limited proposes to open its Initial Public Offering (IPO) on Tuesday, September 10, 2024. Bid/Offer Closing Date will be Thursday, September 12, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Monday, September 09, 2024.
The Price Band of the Offer has been fixed from Rs 456 per Equity Share to Rs 480 per Equity Share. Bids can be made for a minimum of 31 Equity Shares and in multiples of 31 Equity Shares thereafter.
The
Company’s initial public offering comprises a fresh issue of equity shares of
face value of Rs 10 each aggregating up to Rs 8,500 million and an offer for
sale of equity shares of face value of Rs 10 each aggregating up to Rs 2,500
million. The total offer size comprises of equity shares of face value of Rs 10
each aggregating up to Rs 11,000 million. The offer for sale comprises of
equity shares of face value of Rs 10 each aggregating up to Rs 2,500 million by
SVG Business Trust (Promoter Selling Shareholder).
The funds raised through the IPO are proposed to be utilized for: (i) the funding of expenditure towards setting-up of 12 new stores in Maharashtra; (ii) repayment or pre-payment, in full or part, of certain borrowings availed by the Company; and (iii) general corporate purposes.
The Offer is being made in terms of Rule 19(2) (b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the SCRR), read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs).
(The
QIB Portion), provided that the Company, in consultation with the BRLMs, may
allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary
basis by the Company, in consultation with the BRLMs, in accordance with the SEBI
ICDR Regulations (the Anchor Investor Portion), of which one-third shall be
reserved for domestic Mutual Funds, subject to valid Bids being received from
the domestic Mutual Funds at or above the price at which allocation is made to
Anchor Investors (Anchor Investor Allocation Price).
In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the Net QIB Portion).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.
Further,
not less than 15% of the Offer shall be available for allocation on a
proportionate basis to Non-Institutional Bidders (Non-Institutional Portion),
in accordance with the SEBI ICDR Regulations, of which one-third of the
Non-Institutional Portion shall be available for allocation to Bidders with an
application size of more than Rs 200,000 and up to Rs1,000,000.
Further, not less than 35% of the Offer shall be available for allocation to Retail Individual Portion (Retail Portion), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.
All Bidders (except Anchor Investors) shall mandatorily participate in the Offer only through the Application Supported by Blocked Amount (ASBA) process and shall provide details of their respective bank account including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter) in which the Bid Amount will be blocked by the Self-Certified Syndicate Banks (SCSBs) or pursuant to the UPI Mechanism, as the case may be. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.
The Equity Shares being offered pursuant to the Red Herring Prospectus are proposed to be listed on BSE and NSE. The Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters each dated July 3, 2024.
Motilal
Oswal Investment Advisors Limited, Nuvama Wealth Management Limited (formerly
known as Edelweiss Securities Limited) and BOB Capital Markets Limited are the
book running lead managers (Book Running Lead Managers or BRLMs) to the Offer.
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