The grey market premium for the shares stood at Rs 309 as of 3:59 p.m. on Monday, according to the website Investor Gain. This takes the estimated listing price to Rs 789, which is 64.3% higher than the upper end of the IPO price band of Rs 480. However, GMP is not an official price quote for the stock and is based on speculation.

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.

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.