PN Gadgil Jewellers IPO Listing Today: Strong Market Debut Expected – GMP Signals Big Gains on BSE & NSE

PN Gadgil Jewellers IPO Listing: The PN Gadgil Jewellers IPO is set to be listed today, 17th September. Investors showed strong interest in the IPO, and now all eyes are on the share listing on both the BSE and NSE.

The IPO opened for subscription on 10th September and closed on 12th September. The allotment of shares was finalised on 13th September, and today the shares will officially be available for trading.

According to a BSE notice, “Effective from Tuesday, 17th September 2024, the equity shares of PN Gadgil Jewellers Limited will be listed and traded under the ‘B’ group of securities.” The shares will be available for trading starting at 10 AM today during the Special Pre-open Session (SPOS).

GMP Today

The grey market premium (GMP) for PN Gadgil Jewellers is ₹300 per share today. This means the shares are trading at a ₹300 premium over their issue price in the grey market, signalling a strong opening for the stock.

PN Gadgil Jewellers Share Price

Based on today’s GMP and the issue price, the estimated listing price for PN Gadgil Jewellers shares is ₹780 per share, representing a 62.5% premium over the issue price.

Prashanth Tapse, Sr VP Research at Mehta Equities Ltd, noted, “Despite the strong subscription demand seen in Bajaj Housing Finance IPO, PN Gadgil Jewellers also garnered healthy demand, with a 136x subscription for Qualified Institutional Buyers (QIB) and 59x overall. The strong brand presence of ‘PN Gadgil’ in Maharashtra and its growth potential suggest a likely listing gain of over 50%.”

At the upper price band of ₹480 per share, the company’s market cap stands at ₹6,514 crore. Tapse added that, based on FY2024 earnings and the fully diluted post-IPO capital, the company’s price-to-earnings (PE) ratio is 42.2x, which aligns with industry averages of 40-45x.

Arun Kejriwal, Founder of Kejriwal Research and Investment Services, expects a strong listing but warned that the stock might not meet market expectations, similar to some other recent IPOs. “Investors seeking listing gains should consider booking profits and exiting, as the stock is already listing at a strong premium, and further price increases may be limited due to the current high gold prices,” he said.

Anshul Jain, Head of Research at Lakshmishree Investment and Securities, echoed this sentiment, noting that while the IPO is fully priced based on FY24 earnings, the strong GMP indicates high investor interest, with gains of around 50% expected on listing day.