The IPO of PNGS Reva Diamond Jewellery opened in the Indian primary market on February 24.
The subscription for anchor investors took place one day earlier, on February 23. Through this anchor round, the company raised ₹170.58 crore.
A total of 44,19,200 shares were allotted to anchor investors at a price of ₹386 per share. Let’s understand the key details of this IPO.
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₹170.58 Crore Raised from Anchor Investors
According to a press release, the company successfully raised ₹170.58 crore from anchor investors.
Several institutional investors participated in this round, including:
Citigroup Global Markets Mauritius
Tata India Consumer Fund
Groww Mutual Fund
Grey Market Premium and Listing Expectations
Based on the latest grey market signals, the IPO is showing a modest premium.
A report by Investors Gain states that the issue is trading at a grey market premium (GMP) of ₹9.
This indicates a possible listing gain of about 2.33%.
Price Band, Lot Size and IPO Dates
The company has fixed a price band of ₹367 to ₹386 per share for the IPO.
Investors need to apply for a minimum lot of 32 shares.
Minimum investment required: ₹12,352
IPO open dates: February 24 to February 26
Since this is a mainboard IPO, the shares will be listed on both BSE and NSE.
IPO Size and Use of Funds
PNGS Reva Diamond Jewellery plans to raise ₹380 crore through this IPO.
The company will issue 98 lakh (9.8 million) fresh shares.
All the shares in this IPO are fresh issues. This means the funds raised will be used for the company’s growth and development plans.