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PNGS Reva Diamond Jewellery IPO Day 1 LIVE: PNGS Reva Diamond Jewellery's initial public offering (IPO) kicked off for bidding on Tuesday, February 24. The offer is available for bidding till Thursday, February 26. Ahead of the offer launch on Monday, the company announced that it has raised nearly ₹171 crore from anchor investors.

According to a circular on the BSE website, foreign and domestic institutional investors participating in the anchor round included Citigroup Global Markets Mauritius, Societe Generale, Tata Mutual Fund, Groww Mutual Fund, SageOne Investments, Tiger Strategies Fund I, and Innovative Vision Fund, among others.

PNGS Reva Diamond Jewellery IPO, valued at ₹380 crore, is entirely a fresh issue of equity shares with no offer-for-sale component. The price band has been set at ₹367 to ₹386 per share.

The Pune-based retailer plans to use the proceeds to establish 15 new stores by FY2028, fund marketing and promotional activities for its flagship brand “Reva,” and meet general corporate expenses.

PNGS Reva Diamond Jewellery was formed after its promoter, P N Gadgil & Sons Ltd, transferred its diamond jewellery business through a slump sale, enabling the brand to operate as an independent entity in the diamond jewellery segment.

The company focuses on retail sales of a broad range of diamond jewellery and does not engage in exports. As of March 31, 2025, it operated 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka.

Financially, the company reported a 32 per cent rise in revenue from operations to ₹258.18 crore in FY2025, up from ₹195.63 crore in the previous fiscal. Net profit increased 40 per cent to ₹59.47 crore.

Smart Horizon Capital Advisors is the sole book-running lead manager for the issue. The equity shares are proposed to be listed on both the National Stock Exchange of India and the BSE.

PNGS Reva Diamond Jewellery IPO GMP today is ₹9. This is the lowest GMP for the offer in 14 sessions. According to the latest GMP, PNGS Reva Diamond Jewellery IPO listing price could be ₹395, signalling a listing gain of just 2%.

Track this space for LIVE updates on PNGS Reva Diamond Jewellery IPO.

PNGS Reva Diamond Jewellery IPO was subscribed over 50% so far on the first day of the bidding process. The offer saw strong buying from QIB and employees.

As of 2.13 pm, QIB portion was booked 83%, NII portion 5% and retail segment 28%. The employee quota garnered the most bids at 2.96 times. Overall the IPO was subscribed 52%.

P. N. Gadgil & Sons Ltd., the corporate promoter of PNGS Reva, has a presence across Maharashtra, Gujarat, and Karnataka. This provides the company with strong insights into these markets and their product demand.

The company has a team of designers focused on creating flagship designs for its seasonal collections. A diversified product portfolio serves as a competitive strength, enabling it to cater to a wide spectrum of consumer preferences and purchasing capacities.

The portfolio features jewellery designs across multiple categories, with price points starting from approximately ₹20,000.

PNGSREVA is a structurally differentiated play on India's organized diamond jewellery retail segment. Unlike gold-centric peers, whose margins are constrained by commodity-linked revenues, Reva's 100% diamond focus generates PAT margins of ~23% (FY25) — among the highest in Indian jewellery retail.

However, PNGS Reva’s business model is highly dependent on its promoters, as 32 out of 34 stores are operated under the Shop-in-Shop (SIS) format. Any unfavorable modifications to the franchise or trademark agreements could significantly impact Reva’s customer footfall, sales, and overall operations.

At the upper price band of ₹386, the issue is valued at a P/E multiple of 20.6x based on post-issue capital. We maintain a NEUTRAL view on the IPO and intend to observe its performance post-listing.

— SBI Securities

The company is engaged in the sale of diamond jewellery studded in gold and platinum, as well as plain platinum jewellery.

Its offerings are design-led and cater to a wide range of customer preferences and price points. The retail network includes a combination of company-owned and franchise-led stores across multiple cities, primarily in Maharashtra, Gujarat and Karnataka.

The business has demonstrated consistent revenue growth along with improving profitability on a year-on-year basis. On the basis of recent financials, the issue initially appears to be aggressively valued.

However, considering its superior EBITDA margins and stronger operating metrics compared to industry peers, the IPO valuation seems justified. The IPO may be avoided for short-term or listing gains; for investors who prioritize geographic diversification and predictable margin stability.

PNGS Reva Diamond Jewellery on Monday announced that it has raised nearly ₹171 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription on February 24 and closes on February 26.

According to a circular on the BSE website, foreign and domestic institutional investors participating in the anchor round included Citigroup Global Markets Mauritius, Societe Generale, Tata Mutual Fund, Groww Mutual Fund, SageOne Investments, Tiger Strategies Fund I, and Innovative Vision Fund, among others.

The company allotted 44,19,200 equity shares to anchor investors at ₹386 per share. The IPO, valued at ₹380 crore, is entirely a fresh issue of equity shares with no offer-for-sale component. The price band has been set at ₹367 to ₹386 per share.

PNGS Reva Diamond Jewellery IPO GMP today is ₹9. This is the lowest GMP for the offer in 14 sessions. According to the latest GMP, PNGS Reva Diamond Jewellery IPO listing price could be ₹395, signalling a listing gain of just 2%.

PNGS Reva Diamond Jewellery IPO was booked 3% so far with a robust demand seen from the employee quota of the company, which sailed through in less than an hour of opening today.

Meanwhile, retail portion was booked 14%, NII 1% and QIB nil.

PNGS Reva Diamond Jewellery IPO kicked off for bidding today, February 24. The offer will remain open till Thursday, February 26. Saloni Goel has nine years of experience as a business journalist and has extensively covered financial markets. At Mint, she has been part of the mar...

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