The initial public offer of PNGS Reva Diamond Jewellery Ltd has opened for subscription today, and has been subscribed 3% as of 11 a.m. The category for retail individual investors was subscribed 0.14 times. The portion reserved for employees received 1.33 times the subscription, while the non-institutional investors (NII) quota saw 1% subscription.
The Rs 380 crore issue will remain open for bidding until Thursday, Feb. 26. The mainboard IPO consists entirely of a fresh issue of 0.98 crore equity shares, with no offer-for-sale (OFS) component from promoters or existing shareholders.
According to the red herring prospectus (RHP), the company plans to deploy a large part of the fresh capital toward establishing 15 new stores, alongside marketing and promotional spending for these outlets. The rest will go toward general corporate purposes.
Incorporated in 2004, PNGS Reva Diamond Jewellery operates under its flagship brand "Reva," offering diamond-studded jewellery as well as designs featuring precious and semi-precious stones. The company currently runs 34 stores across 25 cities in Maharashtra, Gujarat and Karnataka, with expansion momentum supporting its next phase of growth.
As the issue opens for subscription, here is a detailed breakdown of the IPO structure, price band, timelines and latest GMP trends.
Issue Size
- The book-built issue aggregates to Rs 380 crore, comprising:
- Fresh Issue: 0.98 crore equity shares
- Offer-for-Sale (OFS): Nil
Price Band
The price band for the IPO has been set at:
Rs 367 to Rs 386 per share
Lot Size
Each lot consists of 32 shares. Minimum investment for retail investors:
Retail Investors:
1 lot: Rs 12,352 (at upper band)
Promoters
- P.N. Gadgil & Sons Limited
- Govind Vishwanath Gadgil
- Renu Govind Gadgil
Allotment & Listing
- Basis of Allotment: Feb. 27
- Refund Initiation: Mar. 2
- Demat Credit: Mar. 2
- Listing Date: March 4 (NSE & BSE)
Book Running Lead Manager
- Smart Horizon Capital Advisors
Registrar
- Bigshare Services Pvt. Ltd.
Use of IPO Proceeds
According to the RHP, the company plans to use the fresh issue for:
- Opening 15 new stores (capital expenditure)
- Marketing and promotional expenses for new outlets
- General corporate purposes
PNGS Reva Diamond Jewellery IPO GMP Today
According to InvestorGain, the GMP for the PNGS Reva Diamond Jewellery IPO stood at Rs 9 per share on Feb. 24. The latest GMP hints at a listing price of Rs 395 apiece at a premium of 2.33% over the upper limit of the issue price of Rs 386 per share.
Note: GMP does not represent official data and is based on speculation.
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