PNGS Reva Diamond Jewellery IPO Day Two: Check Subscription Status, Issue Details, GMP, And More

The initial public offer of PNGS Reva Diamond Jewellery Ltd opened for subscription yesterday, and has been subscribed 62% as of 10:20 am on day two. The IPO was subscribed 59% on the first day of the issue. The category for retail individual investors is subscribed 0.47 times. The portion reserved for employees has received 4 times the subscription, while the non-institutional investors (NII) quota see 9% subscription. The category for Qualified Institutional Buyers (QIBs) is subscribed 0.92 times. 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 is open 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 1.5 per share on Feb. 25. The latest GMP hints at a listing price of Rs 387.5 apiece 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.