PNGS Reva Diamond Jewellery IPO Subscribed 1.23 Times on Final Day; Retail and NII Segments Lead Demand
The initial public offering of PNGS Reva Diamond Jewellery Ltd was subscribed 1.23 times on Thursday, the final day of bidding, reflecting moderate investor participation across categories.According to NSE data, the Rs 380 crore IPO received bids for 70,31,776 shares against 57,06,235 shares on offer.
Retail and NII Categories Drive Subscription
The non-institutional investors segment recorded the highest traction, with subscriptions reaching 1.54 times the allotted quota. The Retail Individual Investors category followed, subscribing 1.29 times.The Qualified Institutional Buyers portion was subscribed 1.04 times, indicating participation from institutional investors as well.
Earlier this week, the company raised nearly Rs 171 crore from anchor investors ahead of the public issue.
IPO Price Band and Structure
The Pune-based jewellery retailer fixed a price band of Rs 367 to Rs 386 per share for the offering. The IPO is entirely a fresh issue of equity shares, with no offer for sale component.The full Rs 380 crore raised through the issue will accrue to the company.
Expansion Plans and Fund Utilisation
PNGS Reva Diamond Jewellery plans to utilise the IPO proceeds primarily for expansion. The company aims to set up 15 new retail stores by fiscal year 2028.It will also allocate funds towards marketing and promotional expenses related to the launch of these stores to enhance the visibility of its flagship brand, Reva. The remaining funds will be used for general corporate purposes.
Earlier, the company said it is planning to invest Rs 287 crore to establish the 15 new retail outlets as part of its broader business expansion strategy.
Background and Business Profile
PNGS Reva Diamond Jewellery was formed after its promoter, P N Gadgil & Sons Ltd, divested its diamond jewellery business through a slump sale. The restructuring enabled PNGS Reva to operate as a separate entity with its own corporate identity while continuing in the diamond jewellery retail segment.The company operates as a retail-focused jewellery brand, offering a wide range of jewellery products.
Chief Executive Officer Amit Modak said the company is raising funds to expand its business operations.
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