- PNGS Reva Diamonds raised Rs 170.58 crore from anchor investors before IPO launch
- 44.19 lakh shares allotted at Rs 386 each to 16 anchor investors on Monday
- IPO worth Rs 380 crore opens for subscription from Feb 24 to Feb 26 with price band Rs 367-386
PNGS Reva Diamonds Ltd. has raised Rs 170.58 crore from anchor investors on Monday, ahead of its initial public offering. The company allotted 44.19 lakh shares at Rs 386 apiece to 16 anchor investors.
Tata India Consumer Fund got the highest allocation of 23.45%. While Tiger Strategies Fund-I got the second highest allotment of 14.07%, Societe Generale got 10.55% stake in the company.
Two domestic mutual funds have applied through four schemes, the diamonds and precious and semi-precious-studded jewellery maker said in an exchange filing on Monday. They have collectively netted 26.97% of the anchor portion. Tata India Consumer and Groww were the fund houses in this category.
The Rs 380-crore initial public offering will open for subscription on Feb. 24 and conclude on Feb. 26. The company has fixed a price band of Rs 367 to Rs 386 per share. 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.
On the financial front, PNGS Reva Diamond Jewellery's revenue from operations grew 32% to Rs 258.18 crore in fiscal year 2025, from Rs 195.63 crore in the preceding fiscal, and profit rose by 40% to Rs 59.47 crore.
Smart Horizon Capital Advisors is the sole book-running lead manager of the issue. The equity shares are proposed to be listed on the NSE and BSE.
READ MORE: PNGS Reva Diamond Jewellery IPO GMP: Here's What Grey Market Premium Signals Ahead of Feb. 24 Launch
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.