PNGS Reva IPO Subscribed 5% on Day 1; Key Details Revealed
PNGS Reva Diamond Jewellery IPO Update
On the first day of its initial public offering (IPO), PNGS Reva Diamond Jewellery received bids for 2.61 lakh shares against the offered 57.06 lakh shares, as per NSE data till 12:15 pm. The retail portion was subscribed by 19%, while the Non-Institutional Investor (NII) portion was subscribed by 3%.
The company had raised Rs 171 crore from anchor investors on Monday. The Rs 380-crore IPO will conclude on February 26, with a price band of Rs 367 to Rs 386 per share.
The Pune-based company will use the proceeds from the public issue for setting up 15 new stores by fiscal year 2028, marketing and promotional expenses, and general corporate purposes.
PNGS Reva Diamond Jewellery is a retail-focused jewellery brand that sells a wide range of jewellery. The company was created after the promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale, allowing PNGS Reva to become a separate company with its own identity.
The IPO allotment is expected by February 27, with listing scheduled for March 4.
Investor Takeaway
PNGS Reva Diamond Jewellery's IPO received 5% subscription on the first day, with the issue concluding on February 26.
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