PNGS Reva Diamond Jewellery share price made a weak debut on the bourses today. On NSE, PNGS Reva Diamond Jewellery share price opened at ₹375 per share, 2.85% lower than the issue price of ₹386. On BSE, PNGS Reva Diamond Jewellery share price today opened at ₹372 apiece, down 3.63% than the issue price.
PNGS Reva Diamond Jewellery Ltd was subscribed 1.23 times on the last day of the bidding process on Thursday. The ₹380-crore IPO attracted bids for 70,31,776 shares compared to the 57,06,235 shares available, according to NSE data.
The allocation for non-institutional investors saw a subscription rate of 1.54 times, while the portion for Retail Individual Investors (RIIs) was subscribed 1.29 times.
The Qualified Institutional Buyers (QIBs) category received 1.04 times in subscriptions. On Monday, PNGS Reva Diamond Jewellery announced that it has secured nearly ₹171 crore from anchor investors.
PNGS Reva Diamond Jewellery IPO worth ₹380 crore was open for subscription starting February 24 and ended on February 26. The company set a price band of ₹367 to ₹386 per share.
PNGS Reva Diamond Jewellery IPO details
The IPO from the Pune-based firm consists solely of a new issuance of equity shares without any component for sale.
Funds raised from this public offering will be allocated to establish 15 additional stores by fiscal year 2028, cover marketing and promotional costs associated with the opening of these new locations to boost the visibility of the flagship brand, “Reva”, and for general corporate purposes.
(more to come)