PNGS Reva Diamond Jewellery's IPO: A Sparkling Debut and Future Expansion
The initial public offer (IPO) of PNGS Reva Diamond Jewellery Ltd was oversubscribed 1.23 times. The company aims to raise Rs 380 crore, with funds earmarked for opening 15 new stores by 2028 and enhancing its brand presence. The Pune-based company is focusing on expanding its retail footprint.
- Country:
- India
On the final day of bidding, the initial public offer (IPO) of PNGS Reva Diamond Jewellery Ltd was oversubscribed 1.23 times, signaling strong investor interest. According to data from the NSE, the Rs 380-crore IPO attracted bids for 70,31,776 shares compared to the 57,06,235 shares available.
Breaking down investor categories, non-institutional investors oversubscribed by 1.54 times, retail individual investors (RIIs) by 1.29 times, and qualified institutional buyers (QIBs) by 1.04 times. Earlier this week, PNGS Reva had successfully secured approximately Rs 171 crore from anchor investors.
The proceeds of the IPO will be strategically utilized by the company to establish 15 new retail stores by the fiscal year 2028. This significant investment of Rs 287 crore underscores the brand's commitment to growth and market presence under the leadership of CEO Amit Modak.
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