Operating 39 stores—38 in Maharashtra and Goa and one in the US—PNG has established a strong brand presence and is strategically expanding into underserved Tier I and Tier II cities.

Pune-based PN Gadgil sold its IPO in the price band of Rs 458-480 per share with a lot size of 31 shares, which was open for bidding between September 10 and September 12.

The company's public offering, valued at Rs 167.93 crore, comprised a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an offer for sale (OFS) of 6.16 lakh shares valued at Rs 32.59 crore.

The Maharashtra-based jewellery retail chain saw a strong listing on the Bombay Stock Exchange (BSE), where its shares opened at Rs 834, marking a 73.75% premium.

The shares of PN Gadgil Jewellers will be listed on the exchanges on Tuesday, September 17. The company's shares are trading with a GMP of nearly 63% over the issue price, just a day before the listing.