PNGS Reva IPO subscribed 59% on Day 1; check GMP, other key details

PNGS Reva IPO sees robust subscription in primary market. 

• PNGS Reva IPO subscribed 5 percent on first day of sale.
• IPO aims to raise Rs 380 crore for new stores and marketing.
• Allotment expected by Feb 27, listing scheduled for March 4.

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PNGS Reva initial public offer (IPO) got subscribed 59 perent on the first day of share sale on Tuesday.

The initial share sale of PNGS Reva Diamond Jewellery, received bids for 33.83-lakh shares against 57.06-lakh shares on offer, according to NSE data. The retail portion was booked 37 percent, while the NII portion was booked 7 percent.

Earlier on Monday, it raised nearly Rs 171 crore from anchor investors.

The Rs 380-crore IPO will conclude on February 26. The company has fixed a price band of Rs 367 to Rs 386 per share.

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The Pune-based company's IPO is entirely a fresh issue of equity shares with no offer for sale component.

Proceeds of the public issue will be used 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 IPO allotment is expected by February 27, while listing is scheduled for March 4.

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