PNGS Reva Diamond Jewellery Ltd made a strong market debut with shares rising over 7% despite a volatile market day. The company's IPO raised Rs 380 crore to fund new store openings and brand promotion. Shares initially fell but later ended the day with significant gains.
On a day marked by broader market turmoil, PNGS Reva Diamond Jewellery Ltd shone brightly with its shares soaring over 7% from its issue price. Despite beginning at a discount, the stock surged to Rs 413.95 on the BSE, closing with a promising gain.
The IPO, priced between Rs 367-386 per share, was entirely fresh equity with no existing shareholder sales, and was subscribed 1.23 times. Raising Rs 380 crore, the proceeds will fund the launch of 15 new stores aimed at elevating the visibility of its flagship brand 'Reva'.
The Pune-based jeweller became a standalone entity after P N Gadgil & Sons Ltd divested its diamond operations. Even as the Sensex and Nifty fell sharply, PNGS Reva's market presence and retail focus underlined investor confidence in its business model.
(With inputs from agencies.)
