PNGS Reva Diamond Jewellery Ltd's IPO received positive interest, achieving 83% subscription as it progresses. The funds raised will support expansion plans, including 15 new stores. This initiative follows PNGS Reva's establishment as a standalone entity in the diamond jewellery industry, aiming to enhance its retail presence and brand visibility.
PNGS Reva Diamond Jewellery IPO Shimmers with Promising Expansion Plans
The initial public offering (IPO) of PNGS Reva Diamond Jewellery Ltd received a strong response, securing 83% subscription by the second day of bidding, as reported on Wednesday. According to NSE data, the IPO drew bids for 47,23,424 shares against the 57,06,235 available.
The portion reserved for Qualified Institutional Buyers (QIBs) reached a 96% subscription rate. Retail Individual Investors (RIIs) and non-institutional investors recorded 66% and 65% subscription rates, respectively. Earlier, PNGS Reva Diamond Jewellery announced securing Rs 171 crore from anchor investors.
The company aims to use the Rs 380-crore IPO proceeds for opening 15 new retail outlets by the fiscal year 2028, enhancing the visibility of its 'Reva' brand, and fulfilling general corporate purposes. The brand's expansion follows the slump sale of its diamond jewellery business from P N Gadgil & Sons Ltd, further establishing PNGS Reva as a key player in the diamond jewellery market.
