Share of PNGS Gargi Fashion Jewellery, the parent company of “Gargi by P. N. Gadgil & Sons" a Fashion Jewellery brand, made a stellar debut on Dalal Street on Tuesday. The company's shares were listed at ₹ 57 on BSEs SME platform on Wednesday, a hefty premium of 90 per cent over its issue price of ₹30. In intraday script reached to 59.85 level with 99.85% gain. It settled at 59.85 upper circuit limit. PNGS Gargi Fashion Jewellery was open for subscription till December 13 from December 08 to raise ₹7.80 crore from its primary stake sale.
IPO received bids of over 56.90 crore shares against the total issue size of over 26 lakh shares, data available with the Bombay Stock Exchange (NSE) showed. The issue was subscribed more 215 times. The issue price was fixed at ₹30 per share. The equity shares offered in the offer has a face value of ₹10 each. The market lot size was 4,000 which was also the minimum bid quantity. PNGS Gargi Fashion is engaged in the retail business of costume and fashion jewellery under the brand name “Gargi by P. N. Gadgil & Sons" launched in 2021 under the artificial jewellery segment. The company deals in 92.5% certified sterling silver jewellery and brass jewellery, idols, and other silverware and related gift items. The company offers a wide range of products from artificial jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders, and across various price points. In FY22, the company's net profit was around ₹110.53 lakh. Total income stood at ₹593.94 lakh for the first five months of “Gargi” brand launch. As of September 30, 2022, the company's net profit is around ₹213.17 lakh and its total income is somewhat ₹1,189.18 lakh respectively, Mr. Amit Modak, Director, PNGS Gargi Fashion Jewellery Limited mentioned. PNG Sons (P N Gadgil And Sons Ltd)