PNGS Reva Diamond Jewellery IPO to list at a discount? Here's what GMP signals ahead of stock market debut

PNGS Reva Diamond Jewellery IPO is all set to make its stock market debut tomorrow, March 4. The shares of PNGS Reva Diamond Jewellery IPO will list on both the BSE and the NSE. The allotment of PNGS Reva Diamond Jewellery IPO was finalised on February 27. The mainboard issue opened for subscription on February 24 and closed on February 26. PNGS Reva Diamond Jewellery IPO GMP today The latest grey market premium (GMP) of PNGS Reva Diamond Jewellery IPO indicates a discounted listing on March 4. According to websites tracking the grey market, PNGS Reva Diamond Jewellery IPO GMP showed signs of recovery, climbing to - ₹15 from the previous day's low of - ₹21. This means that the estimated listing price is likely to be ₹371, which is 3.89% below the IPO price of ₹386. While the premium remains in negative territory just before the listing, the ₹6 improvement suggests a slight reduction in the projected discount. PNGS Reva Diamond Jewellery IPO details The demand for PNGS Reva Diamond Jewellery IPO was tepid, with an overall subscription of 1.29 times on the last day of the bidding. Segment-wise, the NII portion was subscribed 1.62 times, while the retail category saw a subscription of 1.34 times. The QIB category (excluding anchor investors) was booked 1.10 times, and the employee quota witnessed a strong response with 7 times subscription. The company planned to raise ₹380 crore through its initial share sale, which comprised a fresh issue of 98 lakh equity shares with no offer-for-sale (OFS) component. The proceeds from the issue will be utilised to open 15 new retail stores, fund marketing and promotional activities, and meet general corporate expenses. The IPO was structured with a lot size of 32 shares. At the upper end of the price band, a retail investor needed to invest a minimum of ₹12,352 to apply for one lot. Prior to the public issue, the company mobilised nearly ₹171 crore from anchor investors. The anchor book saw participation from institutions such as Citigroup Global Markets Mauritius, Tata Mutual Fund, Societe Generale, Groww Mutual Fund, SageOne Investments, Tiger Strategies Fund-I and Innovative Vision Fund, among others. As per the allocation structure, 75% of the issue was reserved for QIBs, 15% for NIIs, and 10% for retail individual investors. Smart Horizon Capital Advisors is the merchant banker to the issue, while Bigshare Services Pvt Ltd has been appointed as the registrar. Incorporated in 2004, PNGS Reva Diamond Jewellery operates in the jewellery segment with a focus on diamond-studded pieces. The company designs and retails jewellery featuring diamonds and other precious and semi-precious stones set in gold and platinum, marketing its entire range under the brand name “Reva.” Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.