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PN Gadgil Jewelers IPO Listing: Strong Demand, ₹303.5 (63.23%) IPO GMP Signals Positive Debut

PN Gadgil Jewelers ipo listing: The initial public offering (IPO) is generating buzz, as investor demand has been strong, and the stock is expected to list today, September 17, 2024. The IPO, which opened for subscription on September 10 and closed on September 12, saw allotment finalization on September 13. Today, the shares will be listed for trading. According to a notification on the Bombay Stock Exchange (BSE), "The trading members of the market are informed that with effect from Tuesday, September 17, 2024, the shares of PN Gadgil Jewelers Limited will be registered and admitted to trading in the stock market in the list of stock groups." PN Gadgil Jewelers shares will be part of the Special Pre-open Session (SPOS) and will commence trading at 10 AM. PN Gadgil Jewelers IPO GMP The grey market premium (GMP) for PN Gadgil Jewelers IPO today is ₹300 per share. This indicates that shares are trading at a premium of ₹303.5 (63.23%) above the issue price in the grey market, signaling strong demand. PN Gadgil Jewelers Stock Price Considering today's GMP and the issue price, the estimated listing price of PN Gadgil Jewelers IPO is ₹780 per share—representing a 62.5% premium over the issue price of ₹480 per share. Analysts are bullish about the stock's debut. Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd, noted, "Despite strong subscription demand for the Bajaj Housing Finance IPO, PN Gadgil IPO also garnered significant interest with QIBs subscribing 136x and an overall subscription of 59x. Given the company's strong brand loyalty and growth potential in Maharashtra, we expect the stock to list with over 50% gains from the issue price." At the upper price band of ₹480 per share, the issue is valued at ₹6,514 crore. Based on FY24 revenue and post-IPO valuation, PN Gadgil is asking for a price-to-earnings (PE) ratio of 42.2x. This is in line with industry peers, which trade at an average PE of 40-45x, making the valuation reasonable, added Tapse. Market Experts' Take Arun Kejriwal, founder of Kejriwal Research and Investment Services, shared a more cautious view, suggesting that while the IPO might list at a strong price, it may not meet market expectations. He recommended that those seeking short-term gains should consider booking profits on the listing day, given the limited upside due to current high gold prices. Anshul Jain, Head of Research at Lakshmishree Investments and Securities, also pointed out that while the IPO is fully priced based on FY24 earnings, the high GMP indicates strong investor interest, suggesting a potential 50% listing gain. Read the full article