The initial public offering (IPO) of PNGS Reva Diamond Jewellery Ltd. is set to open for subscription on Feb. 24. The diamond jewellery retailer aims to raise Rs 380 crore from the primary market through its IPO. Ahead of the launch, the grey market premium (GMP) indicates a moderate listing gain for IPO shares. Investors who want to bid for PNGS Reva Diamond Jewellery shares can check the latest GMP, offer size, price band and other key details before making an investment call.
PNGS Reva Diamond Jewellery IPO GMP Today
According to InvestorGain, the GMP for the PNGS Reva Diamond Jewellery IPO stood at Rs 17 per share at 10:30 a.m. on Feb. 23. The latest GMP hints at a listing price of Rs 403 apiece at a premium of 4.4% 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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PNGS Reva Diamond Jewellery IPO: Price Band and Other Key Details
The PNGS Reva Diamond Jewellery IPO is a book-building issue worth Rs 380 crore. The mainboard issue comprises entirely a fresh issuance of 98 lakh shares. The price band for the IPO has been set at Rs 367 to Rs 386 per share.
Retail investors are required to bid for at least a single lot size of 32 shares, amounting to a minimum investment of 12,352 at the upper limit of the issue price. For small Non-Institutional Investors (NIIs), the minimum applications size is 17 lots, or 544 shares, amounting to Rs 2,09,984. Big NIIs can participate in the IPO subscription by applying for at least 81 lots, worth Rs 10,00,512.
Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager. Bigshare Services Pvt. Ltd. is the issue registrar.
The subscription window for the PNGS Reva Diamond Jewellery IPO will remain open till Feb. 26. The IPO share allotment status is expected to be finalised by the company on Feb. 27. The company is scheduled to process refunds on March 2. Shares will also be transferred to the Demat accounts of successful bidders the same day.
The PNGS Reva Diamond Jewellery IPO listing date has been tentatively fixed as March 4. Shares of the company will be listed on the NSE and the BSE.
Qualified Institutional Buyers (QIBs) will be offered 75% of the new issue size. The company has proposed to reserve 15% of the net issue for Non-Institutional Investors (NIIs) and 10% for the retail segment.
PNGS Reva Diamond Jewellery: Use of Proceeds
The company has proposed to utilise a significant portion of the IPO to set up 15 new stores. A portion of the funds will also be utilised for the promotion and marketing of the new stores. The remaining IPO funds will be used for general corporate purposes.
PNGS Reva Diamond Jewellery, incorporated in 2004, is a retailer of diamond jewellery. It primarily offers different types of jewellery made using diamonds and precious and semi-precious stones under the brand name, ‘Reva'. The company operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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