PNGS Reva Diamond Jewellery IPO Update

IPO Subscription Details

The PNGS Reva Diamond Jewellery initial public offering (IPO) has received a positive response from investors, with the entire issue size being fully subscribed by the end of the final bidding day on Thursday. The company's IPO received bids for 61.95 lakh shares, exceeding the 57.06 lakh shares on offer, according to data from the National Stock Exchange (NSE) till 2 pm.

The subscription details for the IPO are as follows:

• Qualified Institutional Buyers (QIBs): 1.01 times subscribed
• Retail Individual Investors (RIIs): 1.02 times subscribed
• Non-Institutional Investors (NIIs): 1.27 times subscribed

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

IPO Details

The company had raised Rs 171 crore from anchor investors prior to the IPO. The IPO is priced between Rs 367-386 per share, with a total issue size of Rs 380 crore.

Proceeds and Utilization

The company plans to use the proceeds from the IPO for the following purposes:

• Setting up 15 new stores by fiscal year 2028
• Marketing and promotional expenses related to the launch of new stores
• General corporate purposes

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Company Background

PNGS Reva Diamond Jewellery is a retail-focused jewellery brand that was created after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale. The company operates in the diamond jewellery market and sells a wide range of jewellery products.

Listing Details

The allotment of shares is expected to take place by February 27, with the listing of shares proposed on March 4.