PNGS Reva Diamond Jewellery IPO: Subscription Status and Details

IPO Overview

PNGS Reva Diamond Jewellery's initial public offering (IPO) opened for subscription on February 24 and closed on February 26, with a lacklustre demand for the company shares. Despite this, the IPO managed to sail through on the final day of bidding.

Subscription Status

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At the end of the third day of the bidding process, the IPO received bids for 70,31,776 shares against the total offer of 57,06,235 shares, resulting in an overall subscription of 1.23 times. The employee segment showed strong interest in the issue, with the portion reserved for employees oversubscribed 6.74 times at the end of the final day. The NII and QIB segments were subscribed 1.54 times and 1.04 times, respectively, while the retail segment was subscribed 1.29 times.

IPO Details

The IPO size of PNGS Reva Diamond Jewellery is ₹380 crore, 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.

Allotment and Refunds

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The allotment of the IPO is slated to be finalised 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.

Utilisation of Proceeds

Of the overall proceeds, PNGS Reva Diamond Jewellery intends to allocate ₹286 crore towards the setting up of 15 new stores, whereas ₹35.40 crore will be used to meet marketing and promotional expenses related to the launch of these stores. The remaining funds will be utilised for general corporate purposes.

GMP and Listing Price

The GMP (grey market premium) of PNGS Reva Diamond Jewellery has dropped to nil, indicating that the stock might list at the same price as the IPO price. However, it's essential to note that the GMP is merely an early indicator and should not be relied upon as the sole factor in investment decisions.

About PNGS Reva Diamond Jewellery

PNGS Reva Diamond Jewellery is a retail-focused jewellery brand engaged in the sale of a wide range of jewellery made using diamonds and precious and semi-precious stones, which are studded into precious metals such as gold and platinum. Its products are sold under the flagship brand "Reva," which aims to blend traditional elegance with modern aesthetics, offering customisable diamond jewellery that appeals to a broad customer base.