Trilegal and S&R Associates played a pivotal role in advising PN Gadgil Jewellers on its INR 11 billion (approximately USD 132.8 million) Initial Public Offering (IPO), which was launched on September 17 on the National Stock Exchange (NSE).
The Trilegal team, led by partner Abhinav Maker alongside counsel Avanti Kale, provided legal guidance to PN Gadgil. Associates Debarpita Pande, Veena Raghav, Ipsita Pallavi Sahoo, Aman Bahl, and Siddhant Mishra also contributed to the advisory effort.
Meanwhile, S&R Associates represented the book-running lead managers, which included Motilal Oswal Investment Advisors, Nuvama Wealth Management, and BOB Capital Markets. The S&R team was spearheaded by partners Jitesh Shahani and Juhi Singh, with support from associates Mittu Choudhary, Aditya Jain, Aarushi Kapoor, Ayushi Shrivastava, and Gunjeet Singh.
PN Gadgil Jewellers is one of India’s fastest-growing jewellery brands by revenue and the second-largest organized jewellery retailer in Maharashtra, a key market for Bureau of Indian Standards-registered outlets.
On its debut, PNG Jewellers saw its shares listed at ₹830 on the NSE, marking a 72.91% premium over its issue price of ₹480 per share. Similarly, on the Bombay Stock Exchange (BSE), shares opened at ₹834, reflecting a 73.75% premium.
The ₹1,100 crore IPO had generated significant interest, with the issue being oversubscribed 59.41 times during the bidding process, which closed on September 12. Ahead of the IPO, the company raised ₹330 crore from anchor investors. The price range for the IPO was set between ₹456 and ₹480 per share.
The offering included a fresh issue of equity shares valued at ₹850 crore and an offer for sale (OFS) worth ₹250 crore by the promoter entity, SVG Business Trust, which holds a 99.9% stake in the company. Proceeds from the fresh issue will be used for key initiatives, such as the opening of 12 new stores across Maharashtra (₹393 crore), debt repayment (₹300 crore), and general corporate purposes.
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