New Delhi, February 25 The initial share sale of PNGS Reva Diamond Jewellery Ltd received subscriptions for 83,000 shares on the second day of bidding on Wednesday.
According to NSE data, the company's Initial Public Offering (IPO) received bids for 47,23,424 shares against 57,06,235 shares on offer.
The category for Qualified Institutional Buyers (QIBs) received 96 per cent subscription. Retail Individual Investors (RIIs) received 66 per cent subscription, while the non-institutional investors portion received 65 per cent subscription.
PNGS Reva Diamond Jewellery announced on Monday that 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.
The proceeds from the public issue will be used to set up 15 new stores by fiscal year 2028, marketing and promotional expenses related to the launch of these new stores in order to enhance the visibility of the flagship brand, "Reva", and for 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 announced that 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
