New Delhi, March 4 Shares of PNGS Reva Diamond Jewellery Ltd closed with a premium of over 7 per cent against the issue price of Rs 386 on Wednesday.
The stock started trading at Rs 372, a decline of 3.62 per cent from the issue price on the BSE. However, later the stock recovered all the early lost ground and ended at Rs 413.95, up 7.24 per cent.
At the NSE, it listed at Rs 375, registering a discount of 2.84 per cent from the issue price. Shares of the firm later ended at Rs 411.70, a jump of 6.65 per cent.
The company's market valuation stood at Rs 1,312.16 crore.
The stock made its market debut on a day when the equity markets tumbled due to the conflict in West Asia. The 30-share BSE Sensex tanked 1,122.66 points or 1.40 per cent to end at 79,116.19. The 50-share NSE Nifty declined 385.20 points or 1.55 per cent to 24,480.50.
The initial public offer of PNGS Reva Diamond Jewellery Ltd was subscribed 1.23 times on the final day of bidding last Thursday.
The Rs 380-crore IPO had a price band of Rs 367-386 per share.
The Pune-based company's IPO was entirely a fresh issue of equity shares with no offer-for-sale component.
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.
