New Delhi, March 4 Shares of PNGS Reva Diamond Jewellery Ltd were listed on Wednesday with a nearly 4 per cent discount to the issue price of Rs 386.
The stock started trading at Rs 372, a decline of 3.62 per cent from the issue price on the BSE.
At the NSE, it listed at Rs 375, registering a discount of 2.84 per cent.
The company's market capitalization stood at Rs 1,183.94 crore.
The stock made its market debut on a day when the equity markets tumbled due to the escalating conflict in the Middle East. The 30-share BSE Sensex quoted 1,445.88 points down at 78,792.97 in the morning trading session. The 50-share NSE Nifty plunged by 461.40 points to 24,400.25.
The initial public offer (IPO) 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.
The proceeds from the public issue will be used for setting up 15 new stores by fiscal year 2028, along with 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.
