PNGS Reva Diamond Jewellery IPO Update

The initial public offering (IPO) of PNGS Reva Diamond Jewellery received a healthy response from investors on its first day of subscription, February 24. The issue was subscribed 0.59 times, with 33.83 lakh shares bid for against the 57.06 lakh shares on offer.

Subscription Breakdown

• Employee segment: Oversubscribed 3.68 times
• Non-Institutional Investors (NII) segment: Subscribed 0.07 times
• Qualified Institutional Buyers (QIB) segment: Subscribed 0.92 times
• Retail segment: Booked 0.37 times

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IPO Details

• ₹380 crore to be raised through the issue
• 0.98 crore fresh shares on offer
• Price band: ₹367-₹386 per share
• Lot size: 32 shares (minimum investment of ₹12,352 for retail investors)

IPO Timeline

• Allotment to be finalised on Friday, February 27
• Refunds to begin on Monday, March 2
• Successful applicants to receive shares in their demat accounts on Monday, March 2

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Funds Allocation

• ₹286 crore for setting up 15 new stores
• ₹35.40 crore for marketing and promotional expenses related to store launch
• Remaining funds for general corporate purposes

Grey Market Premium (GMP)

• ₹9 per share (estimated listing price: ₹395 per share, 2.33% higher than the upper end of the IPO price band)