PNGS Reva Diamond Jewellery IPO GMP indicates muted listing on Wednesday; check details

PNGS Reva Diamond Jewellery shares to list on exchanges on March 4.

PNGS Reva Diamond Jewellery shares are expected to make a muted debut on the exchanges on Wednesday, with grey market trends indicating a flat listing.

According to platforms tracking unofficial market activity, the company’s shares were commanding a flat grey market premium (GMP) ahead of listing.

The Rs 380-crore initial public offering (IPO) of the company was subscribed 1.23 times in the primary market.

Earlier, the Pune-based firm had raised nearly Rs 171 crore from anchor investors. The IPO was offered in a price band of Rs 367-386 per share.

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Proceeds from the issue will be utilised for setting up 15 new stores by fiscal year 2028, meeting marketing and promotional expenses related to the launch of these outlets to enhance the visibility of its flagship brand ‘Reva’, and for general corporate purposes.

PNGS Reva Diamond Jewellery was formed after its promoter, P N Gadgil & Sons Ltd, transferred its diamond jewellery business through a slump sale. The move enabled PNGS Reva to operate as a separate entity in the diamond jewellery segment.

The company is a retail-focused jewellery brand engaged in selling a range of jewellery products.

It plans to invest Rs 286.5 crore to establish 15 new retail stores.

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