PNGS Reva Diamond Jewellery makes weak debut; shares list at 2.8% discount on NSE; check details

PNGS Reva Diamond Jewellery share price: Shares of the diamonds and precious stones seller, PNGS Reva Diamond Jewellery debuted at ₹375 per share on the National Stock Exchange (NSE) on Wednesday, March 4. This reflects a discount of 2.8% against the IPO issue price of ₹386 per share.

On the BSE, the stock started trading at ₹372, down 3.6% from the issue price.

A lot consisted of 32 equity shares. Investors who applied for the PNGS Reva Diamond Jewellery IPO allotment saw their investment value drop to below ₹12,000 per lot.

The initial public offering, with a price band of ₹367 to ₹386 per share, sought to raise ₹380 crore via exclusively a fresh issuance of over 98 lakh shares.

The funds generated will be utilised for capital expenditure to setup 15 new stores, marketing and promotional expenses related to the launch of the 15 new stores and general corporate purposes.

The IPO was subscribed 1.3 times, with bids for 70,43,968 shares against 54,25,359 shares on offer, as per data available with the BSE.