The Initial Public Offering of PNGS Reva Diamond Jewellery was subscribed 1.23 times on the final day of bidding.

The issue received bids of 70,31,776 equity shares against the offered 57,06,235 equity shares, at a price band of Rs 367 to Rs 386 per share, according to data available on the stock exchanges.

Qualified Institutional Buyer (QIB) and Retail Portion was subscribed 1.04 times and 1.29 times respectively. Non-Institutional Investors (NII) Portion was subscribed 1.54 times. Whereas the Employee Reserved subscribed 6.74 times.

PNGS Reva Diamond Jewellery Ltd plans to market and promote 15 new stores to create local brand awareness and enhance visibility across various locations in India. The majority of these stores will be established in Tier-1 and select Tier-2 cities in Maharashtra, along with metro cities across the country.

In line with this strategy, the company intends to invest ₹286.56 crore to launch 15 new brand-exclusive stores across India. These proposed outlets will be set up on leased premises and will follow the Company-Owned, Company-Operated (COCO) model. Under this structure, the company will incur the capital expenditure towards store fit-outs, fixtures, furniture and related infrastructure, while store operations will be managed entirely by its employees.