PNGS Reva Diamond Jewellery IPO Subscribed 1.23 Times On Final Day

The initial public offer of PNGS Reva Diamond Jewellery Ltd. was subscribed 1.23 times on the last day of bidding. The subscription window opened on Tuesday. 

The category for retail individual investors was subscribed 1.29 times. The portion reserved for employees received 6.74 times the subscription, while the non-institutional investors (NII) quota saw 1.54 times the subscription. The category for Qualified Institutional Buyers (QIBs) was subscribed 1.04 times.

The Rs 380 mainboard IPO consisted 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.

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 was set at Rs 367 to Rs 386 per share

Lot Size

Each lot consists of 32 shares. Minimum investment for 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

The GMP for PNGS Reva Diamond Jewellery IPO indicates that it will list at a discounted price. The cap price for PNGS Reva Diamond Jewellery IPO is 386.00.The estimated listing price for PNGS Reva Diamond Jewellery IPO at the current GMP is Rs 385.

Note: GMP does not represent official data and is based on speculation.

Also read: NSE IPO: India's Top Bourse Invites Investment Banks To Lead Offering

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