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PNGS Reva Diamond Jewellery IPO Day 3 LIVE: The initial public offering (IPO) of PNGS Reva Diamond Jewellery Ltd has opened today and will remain open until 26 February 2026. The book build issue aims to raise ₹380 crore by issuing fresh share capital.

The company's promoters have announced the PNGS Reva Diamond Jewellery IPO price band of ₹368 to ₹386 per equity share. The public issue is proposed for listing on the BSE and the NSE.

According to market observers, the company's shares are available in the grey market at a premium of ₹9 per share. This means PNGS Reva Diamond Jewellery IPO GMP today is ₹9. So, the PNGS Reva Diamond Jewellery IPO Grey Market Premium is signalling a listing gain of around 2% for potential allottees among total applicants.

By 1:05 PM on the third day of bidding, the public issue was subscribed 1.05 times; the retail portion was subscribed 0.95 times; and the NII segment was subscribed 1.20 times. The QIB portion of the public issue was booked 1.00 times.

Advising investors to apply for the mainboard IPO, Anshul Jain, Head of Research at Lakshmishree, said the company’s financial profile, with ₹59.5 Cr profit in FY25 (a 40% YoY increase) and a Return on Equity (ROE) of ~34%. Unlike gold-heavy retailers, Reva focuses on high-margin diamond and gemstone-studded pieces, maintaining a 0.37 debt-to-equity ratio. The company is utilising its February 2026 IPO proceeds ( ₹380 Cr) to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its revenue away from its 97%concentration in Maharashtra.

“We suggest a ‘Subscribe’ rating for investors seeking high-growth exposure to the premiumization of India’s jewellery market,” Anshul Jain of Lakshmishree said.

Marwadi Financial Services assigned a ‘subscribe’ tag, saying, “Considering the FY25 EPS of ₹18.76 on a post-issue basis, the company is set to list at a P/E of approximately ~21x with a market cap of ₹1,224 Cr, whereas its peers namely Tribhovandas Bhimji Zaveri Limited, Thangamayil Jewellery Limited, and Senco Gold Limited are trading at P/E ratios of approximately ~7x, ~47x, and ~12x. We assign a “Subscribe” rating to this IPO given the company’s diversified product portfolio across categories and price points, along with its expertise in customised and high-value jewellery, which supports revenue growth and brand premiumisation. Also, it is available at a reasonable valuation considering the growth potential of the company.”

Utilises a highly efficient shop-in-shop (SIS) strategy (33 of 34 stores) within established PNGS outlets, significantly reducing capital expenditure and customer acquisition costs.

— Anshul Jain, Head of Research at Lakshmishree

The company is utilising its February 2026 IPO proceeds ( ₹380 Crore) to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its 97% revenue concentration in Maharashtra.

— Anshul Jain, Head of Research at Lakshmishree

The book build issue aims to raise ₹380 crore by issuing fresh share capital.

The company's promoters have announced the PNGS Reva Diamond Jewellery IPO price band of ₹368 to ₹386 per equity share.

The company’s financial profile, with ₹59.5 Crore profit in FY25 (a 40% YoY increase) and a Return on Equity (ROE) of ~34%. Unlike gold-heavy retailers, Reva focuses on high-margin diamond and gemstone-studded pieces, maintaining a 0.37 debt-to-equity ratio.

— Anshul Jain, Head of Research at Lakshmishree

By 11:57 AM on the third day of bidding, the public issue was subscribed 0.92 times; the retail portion was subscribed 0.86 times; and the NII segment was subscribed 0.76 times. The QIB portion of the public issue was booked 1.00 times.

According to market observers, the company's shares are available in the grey market at a premium of ₹9 per share. This means PNGS Reva Diamond Jewellery IPO GMP today is ₹9.

Bigshare Services Private Limited has been appointed the official registrar of the mainboard IPO.

The most likely PNGS Reva Diamond Jewellery IPO allotment date is 27 February 2026. This means applicants can expect the share allocation announcement tomorrow.

We assign a “Subscribe” rating to this IPO, given the company’s diversified product portfolio across categories and price points, along with its expertise in customised, high-value jewellery, which supports revenue growth and brand premiumisation. Also, it is available at a reasonable valuation given the company's growth potential.

— Marwadi Financial Services

Considering the FY25 EPS of ₹18.76 on a post-issue basis, the company is set to list at a P/E of approximately ~21x with a market cap of ₹1,224 Cr, whereas its peers namely Tribhovandas Bhimji Zaveri Limited, Thangamayil Jewellery Limited, and Senco Gold Limited are trading at P/E ratios of approximately ~7x, ~47x, and ~12x.

— Marwadi Financial Services

Advising investors to apply for the mainboard IPO, Anshul Jain, Head of Research at Lakshmishree, said the company’s financial profile, with ₹59.5 Cr profit in FY25 (a 40% YoY increase) and a Return on Equity (ROE) of ~34%. Unlike gold-heavy retailers, Reva focuses on high-margin diamond and gemstone-studded pieces, maintaining a 0.37 debt-to-equity ratio. The company is utilising its February 2026 IPO proceeds ( ₹380 Cr) to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its revenue away from its 97%concentration in Maharashtra.

“We suggest a ‘Subscribe’ rating for investors seeking high-growth exposure to the premiumization of India’s jewellery market,” Anshul Jain of Lakshmishree said.Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed organisations like NDTV Profit, The ...

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