Reva Diamonds Secures Rs 171 Crore in Anchor Funding, Public Issuance Set to Launch on February 24

PNGS Reva Diamond Jewellery Raises Rs 170.58 Crore Ahead of IPO

On February 23, PNGS Reva Diamond Jewellery, a part of P N Gadgil & Sons, raised Rs 170.58 crore from 16 anchor investors ahead of its initial public offering (IPO).

The Rs 380-crore offer is set to open for public subscription on February 24 and close on February 26, with a price band of Rs 367-386 per share. The company has finalized the allocation of 44.19 lakh equity shares to anchor investors at the upper price band.

Key investors include Tata India Consumer Fund, which acquired 10.36 lakh shares for Rs 40 crore, followed by Tiger Strategies Fund and SageOne Flagship Growth Fund, which picked up 6.21 lakh shares and 5.18 lakh shares, respectively, for Rs 24 crore and Rs 20 crore.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

The allocation to anchor investors includes 11.91 lakh shares to 2 domestic mutual funds, Tata Mutual Fund, and Groww Mutual Fund. Other participating investors include Citigroup Global, Societe Generale, K-Three Alternative Investment Trust Fund, Innovative Vision Fund, Visionary Value Fund, and Astrone Capital.

Reva Diamonds intends to utilize Rs 286.5 crore of IPO proceeds to set up 15 new brand-exclusive stores across India and Rs 35.4 crore for marketing and promotional expenses related to the launch of these stores. The remaining funds will be utilized for general corporate purposes.

The company currently operates 32 stores on a franchise owned and company operated basis (FOCO), 1 store on a franchise owned and franchise operated basis (FOFO), and 1 store on a company owned company operated basis (COCO). Smart Horizon Capital Advisors is acting as the merchant banker for the PNGS Reva Diamond Jewellery IPO.