The IPO of PNGS Reva Diamond Jewellery, a jewellery company, opened in the Indian primary market on February 24.
The anchor investor subscription took place a day earlier, on February 23. Through the 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.
₹170.58 Crore Raised from Anchor Investors
According to a press release, the company successfully collected ₹170.58 crore from anchor investors.
Major institutional investors such as Citigroup Global Markets Mauritius, Tata India Consumer Fund, and Groww Mutual Fund participated in this round.
Grey Market Premium
As per the latest grey market trends, the IPO is trading at a small premium. A report by Investors Gain states that the issue is currently available at a grey market premium (GMP) of ₹9.
Based on this, the estimated listing gain could be around 2.33%.
Price Band, Lot Size and IPO Details
PNGS Reva Diamond Jewellery has fixed the price band for its IPO between ₹367 and ₹386 per share. Investors must apply for a minimum lot of 32 shares. At the upper price band of ₹386, the minimum investment required is ₹12,352.
The public issue will remain open from February 24 to February 26. Since it is a mainboard IPO, the shares will be listed on both the BSE and NSE.
Total IPO Size and Fund Usage
The company plans to raise ₹380 crore through this IPO. It will issue 98 lakh (9.8 million) fresh shares.
There is no offer for sale in this issue, meaning all the shares are newly issued. The funds raised from the IPO will be used for the company’s growth and development plans.
