PNGS Reva Diamond Jewellery’s Rs.380-Cr IPO get 1.23 times subscription

Pune-based PNGS Reva Diamond Jewellery’s initial public offering (IPO) was subscribed 1.23 times on the final day of bidding, primarily driven by non-institutional investors (NIIs) and retail individual investors (RIIs). The firm had raised INR 171 crore from anchor investors prior to its IPO.The IPO sought to raise INR 380 crore with a price band of INR 367-386 per share. The Qualified Institutional Buyers (QIBs) category was subscribed 1.04 times. Retail Individual Investors (RIIs) subscribed 1.29 times, and the non-institutional investors' portion received 1.54 times subscription.Retail-focused jewellery brand PNGS Reva Diamond was formed after its promoter, P N Gadgil & Sons Ltd, divested its diamond jewellery business through a slump sale. The proceeds from the public issue are intended for setting up 15 new stores by fiscal year 2028 and funding marketing and promotional expenses for the "Reva" brand.