PNGS Reva Diamond Jewellery Initial Public Offering Closes Today: Investors Weigh Prospects

PNGS Reva Diamond Jewellery IPO Update

Key Highlights

• ₹380 crore fundraising target through the initial public offering (IPO)
• IPO opened on February 24 and closes on February 26
• Issue price band: ₹368-386 per share
• 0.86 times subscription achieved by 10:43 am on Day 3
• Retail portion subscribed 0.78 times, NII portion 0.68 times, QIBs portion 0.96 times, and employee portion 5.01 times

Market Sentiment

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• ₹-1 grey market premium (GMP) on February 26, indicating weak investor sentiment
• IPO likely to debut at ₹385, down 0.26% from IPO price

Brokerage Firm Recommendations

• Choice Broking assigns a 'Subscribe for long term' recommendation
• Arihant Capital issues a 'Subscribe for long term' call, citing the company's presence in the organised, design-focused diamond jewellery space

IPO Details

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• Entirely a fresh issue of 98 lakh shares with no offer for sale (OFS) component
• IPO allotment expected to be finalised on Friday, February 27
• Shares to be credited to demat accounts on Monday, March 2, with refunds processed on the same day
• Stock expected to debut on Wednesday, March 4, with a tentative listing date

Funds Utilisation

• ₹380 crore raised to set up 15 new retail outlets, meet marketing and promotional costs, and support general corporate requirements

IPO Structure

• 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail individual investors
• Smart Horizon Capital Advisors acting as merchant banker, Bigshare Services Pvt Ltd as registrar