NGS Reva’s IPO subscribed 59%

New Delhi: The initial public offering (IPO) of PNGS Reva Diamond Jewellery received 59 per cent subscription on the first day of share- sale on Tuesday.

The Rs 380-crore IPO got bids for 33,83,488 shares against 57,06,235 shares on offer, according to the NSE data. The portion for qualified institutional buyers subscribed 92 per cent, while the quota for retail individual investors received 37 per cent subscription.

The part for Non-Institutional Investors subscribed 7 per cent. PNGS Reva Diamond Jewellery on Monday said 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 to Rs 386 per share.

The Pune-based company’s IPO is entirely a fresh issue of equity shares with no offer for sale component. Proceeds of the public issue will be used for setting up 15 new stores by fiscal year 2028, marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, “Reva”, and 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. As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.