PNGS Reva Diamond Jewellery IPO: Price band set at ₹367-386 per share; check key dates, issue details, more

PNGS Reva Diamond Jewellery IPO price band has been fixed in the range of ₹367 to ₹386 per equity share of the face value of ₹10. The PNGS Reva Diamond Jewellery IPO date of subscription is scheduled for Tuesday, February 24 and will close on Thursday, February 26.

The allocation to anchor investors for the PNGS Reva Diamond Jewellery IPO is scheduled to take place on Monday, February 23. The PNGS Reva Diamond Jewellery IPO lot size is 32 equity shares and in multiples of 32 equity shares thereafter.

PNGS Reva Diamond Jewellery IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.

Tentatively, PNGS Reva Diamond Jewellery IPO basis of allotment of shares will be finalised on Friday, February 27, and the company will initiate refunds on Monday, March 2 while the shares will be credited to the demat account of allottees on the same day following refund. PNGS Reva Diamond Jewellery share price is likely to be listed on BSE and NSE on Wednesday, March 4.

PNGS Reva Diamond Jewellery IPO details

The firm intends to generate ₹380 crore by issuing 9.8 million new shares, with no component for an offer for sale (OFS).

As stated in the RHP, the company aims to allocate ₹286.56 crore from the net proceeds of the fresh issue towards the establishment of 15 new stores, while ₹35.4 crore will be used for marketing and promotional activities. The remaining funds will be directed towards general corporate uses.

Bigshare Services will serve as the registrar for the issue, and Smart Horizon Capital Advisors is acting as the sole book-running lead manager.

Company details

Founded in 2004, PNGS Reva Diamond Jewellery operates within the jewellery sector. Utilizing the brand name 'Reva', the company produces a diverse array of jewellery featuring diamonds along with precious and semi-precious gems, all set in valuable metals like gold and platinum.

Their range of products encompasses rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutra, nose rings, and chains, catering to a variety of customer needs and special events. As stated in the RHP, the business has established 34 stores in 25 cities across Maharashtra, Gujarat, and Karnataka.

As per the RHP, the company's listed peers are Tribhovandas Bhimji Zaveri Ltd (with a P/E of 15.74), Thangamayil Jewellery Ltd (with a P/E of 80.96), and Senco Gold Ltd (with a P/E of 33).

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