PNGS Reva Diamond Jewellery IPO subscribed 1.23 times on final day of bidding - Check latest GMP

PNGS Reva Diamond Jewellery IPO sees robust subscription.

• PNGS Reva Diamond Jewellery IPO 1.09 times subscribed on last day
• Retail and NII investors led the IPO subscription
• IPO proceeds to fund 15 new stores and brand promotion

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PNGS Reva Diamond Jewellery IPO got fully subscribed on the final day of bidding on Thursday, led by NII and retail investors. The company's initial share-sale received 1.23 times subscription on day 3 of bidding. The IPO received bids for 70.31 lakh shares against 57.06 lakh shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed 1.04 times. Retail Individual Investors (RIIs) fetched 1.29 times subscription, while non-institutional investors portion received 1.54 times subscription.

Earlier, it raised nearly Rs 171 crore from anchor investors. The company has fixed a price band of Rs 367-386 per share for its Rs 380-crore IPO.

PNGS Reva Diamond Jewellery IPO GMP Today Price 

According to platforms tracking the grey market activities, the shares of PNGS Reva Diamond Jewellery are commanding a flat GMP in the unofficial market.

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The Pune-based company wants to use proceeds of the public issue for setting up 15 new stores by fiscal year 2028, marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, "Reva", and general corporate purposes.

PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market.

It is a retail-focused jewellery brand involved in the business of selling a wide range of jewellery.

PNGS Reva Diamond Jewellery IPO allotment is expected by February 27, while share listing is proposed on March 4.

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