Reva Diamonds raises Rs 171 crore from 16 anchor investors, Rs 380-crore IPO to open for public on February 24

PNGS Reva Diamond Jewellery IPO News

PNGS Reva Diamond Jewellery, a part of the P N Gadgil & Sons, on February 23 has raised Rs 170.58 crore from 16 anchor investors ahead of its IPO.

The Rs 380-crore offer will open for public subscription on February 24, and close on February 26, with a price band at Rs 367-386 per share.

The diamonds and precious and semi-precious stones-studded jewellery maker has finalised allocation of 44.19 lakh equity shares to anchor investors at the upper price band.

Tata India Consumer Fund is the largest investor amongst them, acquiring 10.36 lakh shares in Reva Diamonds 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 in the company for Rs 24 crore, and Rs 20 crore, respectively.

"Out of the total allocation to anchor investors, 11.91 lakh shares were allocated to 2 domestic mutual funds - Tata Mutual Fund, and Groww Mutual Fund," the company in its filing said.

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Citigroup Global, Societe Generale, K-Three Alternative Investment Trust Fund, Innovative Vision Fund, Visionary Value Fund, and Astrone Capital also participated in the anchor book.

Reva Diamonds intends to spend Rs 286.5 crore of proceeds from IPO for setting-up of 15 new brand-exclusive stores across India, and Rs 35.4 crore for marketing and promotional expenses related to the launch of the 15 new stores. The remainder funds will be utilised for general corporate purposes.

Currently, the company 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 is company owned company operated basis (COCO).

Smart Horizon Capital Advisors is acting as the merchant banker for the PNGS Reva Diamond Jewellery IPO.