Feb. 26th is the last day for PNGS Reva Diamond Jewellery’s IPO. It opened for subscription on February 24th. Within two days, the IPO has been 83% subscribed. The company aims to raise ₹380 crore through this IPO. Price band ₹367 to ₹386.
The company has set a price band of ₹367 to ₹386 per share. Investors can bid for a minimum lot of 32 shares, with an upper investment of ₹12,352. A maximum of ₹197,632 is available. 10% reserved for retail investors.
The company has reserved 10% of the IPO for retail investors. 75% is reserved for qualified institutional buyers (QIBs) and 15% for non-institutional bidders. Funds will be used to open new stores.
The company will use the proceeds from this issue to open 15 new stores and for marketing and branding. Most of these stores will be opened in Tier-1 and select Tier-2 cities in Maharashtra, as well as in metro cities across the country. As of March 31, 2025, the company has 34 stores in 25 cities across Maharashtra, Gujarat, and Karnataka. What is an IPO?
When a company issues its shares to the public for the first time, it is called an Initial Public Offering (IPO). A company needs money to expand its business. In such a situation, instead of borrowing from the market, the company raises money by selling some shares to the public or issuing new shares. This is why a company issues an IPO.
