PN Gadgil Jewellers collects Rs 330 cr from anchor investors ahead of IPO

Jewellery retail chain PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors, a day before its initial share-sale opening for public subscription.

ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are among the anchor investors.

According to a circular uploaded on BSE's website, the company has allocated a total of 68.75 lakh equity shares to 33 funds at Rs 480 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 330 crore.

The Rs 1,100-crore initial public offering (IPO) will open for subscription on September 10 and conclude on September 12. The price band has been fixed at Rs 456 to Rs 480 per share.

The Maharashtra-based company's IPO is a combination of a fresh issue of equity shares worth up to Rs 850