PNGS Reva Diamond Jewellery IPO subscribed 83 pc on Day 2

New Delhi, Feb 25 (PTI) The initial share-sale of PNGS Reva Diamond Jewellery Ltd received 83 subscription on day two of bidding on Wednesday.

The company's Initial Public Offer (IPO) received bids for 47,23,424 shares against 57,06,235 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed 96 per cent. Retail Individual Investors (RIIs) fetched 66 per cent subscription, while non-institutional investors portion received 65 per cent subscription.

PNGS Reva Diamond Jewellery on Monday said it has raised nearly Rs 171 crore from anchor investors. The public issue will conclude on February 26.

The company has fixed a price band of Rs 367-386 per share for its Rs 380-crore IPO.

The Pune-based company's IPO is entirely a fresh issue of equity shares with no offer for sale component.

Proceeds of the public issue will be used for setting up 15 new stores by fiscal year 2028, marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, "Reva", and general corporate purposes.

PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market.

It is a retail-focused jewellery brand involved in the business of selling a wide range of jewellery.

On Monday, PNGS Reva Diamond Jewellery said it is planning to invest Rs 287 crore to set up 15 new retail stores to expand its business.

"We are raising funds to expand our business," CEO Amit Modak told PTI.

He said the company plans to set up 15 new retail stores with an investment of Rs 286.5 crore. PTI SUM SUM ANU ANU