PNGS Reva Diamond Jewellery IPO Sees Moderate Subscription, Institutional Interest on Day 2

PNGS Reva Diamond Jewellery's Rs 380 crore IPO, priced between Rs 367-386 per share, entered its second day with subscription rates ranging from 59% to 83% across reports. Institutional investors showed strong participation, while retail demand was moderate. The IPO proceeds will fund 15 new stores, marketing, and corporate purposes. Brokerages noted the company's strong margins but expressed caution over valuation and execution risks. The issue closes on February 26, with listing expected on March 4, 2026.