PNGS Reva Diamond Jewellery IPO: Issue receives healthy response on Day 01, booked 0.63 times; GMP signals muted debut

PNGS Reva Diamond Jewellery IPO Receives Healthy Response from Investors

The initial public offering (IPO) of PNGS Reva Diamond Jewellery, which opened for subscription today, February 24, has received a positive response from investors.

Subscription Details

• The issue was subscribed 0.63 times by the end of the day, with 34.03 lakh shares bid for against the 54.25 lakh shares on offer.
• The employee segment showed strong interest in the issue, with the portion reserved for employees oversubscribed 4 times at the end of the first day.
• The NII and QIB segments were subscribed 0.07 times and 0.96 times, respectively, according to exchange data.
• The retail segment was booked 0.41 times.

PNGS Reva Diamond Jewellery IPO Details

The company is looking to raise ₹380 crore during the bidding period, which is entirely a fresh issue of 0.98 crore shares.

IPO Pricing and Lot Size

• The price band has been fixed at ₹367– ₹386 per share.
• The lot size is set at 32 shares, requiring a minimum investment of ₹12,352 for retail investors.

Important Dates

Key dates to note:

• PNGS Reva Diamond Jewellery IPO allotment is slated to be finalised on Friday, February 27.
• The company aims to initiate refunds beginning Monday, March 2.
• Shares will be credited to the demat accounts of successful applicants on the same day after refunds are processed.

Funding Allocation

Out of the overall proceeds, PNGS Reva Diamond Jewellery intends to allocate:

• ₹286 crore towards the setting up of 15 new stores.
• ₹35.40 crore to meet marketing and promotional expenses related to the launch of these stores.
• The remaining funds will be utilised for general corporate purposes.

PNGS Reva Diamond Jewellery GMP Today

The current grey market premium (GMP) of PNGS Reva Diamond Jewellery is ₹9.

Estimated Listing Price

Considering the upper end of the IPO price band and the current GMP, the estimated listing price of PNGS Reva Diamond Jewellery shares is indicated at ₹395 apiece, which is 2.33% higher than the upper end of the IPO price band of ₹386.

About PNGS Reva Diamond Jewellery

PNGS Reva Diamond Jewellery is a retail-focused jewellery brand engaged in the sale of a wide range of jewellery made using diamonds and precious and semi-precious stones, which are studded into precious metals such as gold and platinum.

Product Offerings

• The company retails plain platinum jewellery, including rings, bracelets, and chains.
• Its products are sold under the flagship brand "Reva."

The Reva brand aims to blend traditional elegance with modern aesthetics, offering customisable diamond jewellery that appeals to a broad customer base, as per the company's RHP report.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.