The initial public offering (IPO) of PNGS Reva Diamond Jewellery, which opened for subscription today, February 24, received a healthy response from investors. By the end of the day, the issue was subscribed 0.59 times, with 33.83 lakh shares bid for against the 57.06 lakh shares on offer.
The employee segment showed strong interest in the issue, with the portion reserved for employees oversubscribed 3.68 times at the end of the first day. The NII and QIB segments were subscribed 0.07 times and 0.92 times, respectively, according to exchange data. The retail segment was booked 0.37 times.
PNGS Reva Diamond Jewelery IPO details
The company is looking to raise ₹380 crore during the bidding period, which is entirely a fresh issue of 0.98 crore shares. The price band has been fixed at ₹367- ₹386 per share, while the lot size is set at 32 shares, requiring a minimum investment of ₹12,352 for retail investors.
PNGS Reva Diamond Jewelery IPO allotment is slated to be finalized on Friday, February 27. The company aims to initiate refunds beginning Monday, March 2, with shares being credited to the demat accounts of successful applicants later that same day after the refunds are processed.
Of the overall proceeds, PNGS Reva Diamond Jewelery intends to allocate ₹286 crore towards the setting up of 15 new stores, whereas ₹Rs 35.40 crore will be used to meet marketing and promotional expenses related to the launch of these stores. The remaining funds will be utilized for general corporate purposes.
PNGS Reva Diamond Jewelery GMP today
₹9″>PNGS Reva Diamond Jewelery IPO GMP (grey market premium) today is ₹9. Considering the upper end of the IPO price band and the current gray market premium, the estimated listing price of PNGS Reva Diamond Jewelery shares is indicated at ₹395 apiece, which is 2.33% higher than the upper end of the IPO price band of ₹386.
About PNGS Reva Diamond Jewelery
PNGS Reva Diamond Jewelery is a retail-focused jewelery brand engaged in the sale of a wide range of jewelery made using diamonds and precious and semi-precious stones, which are studded into precious metals such as gold and platinum.
It also retails plain platinum jewellery, including rings, bracelets, and chains. Its products are sold under the flagship brand “Reva.” The Reva brand aims to blend traditional elegance with modern aesthetics, offering customizable diamond jewelery that appeals to a broad customer base, as per the company’s RHP report.
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