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PNGS Reva Diamond Jewellery shares list at 4% discount to IPO price on BSEThe ₹380-crore IPO received an overall subscription of 1.23 times on Day 3, with bids for 70.31 lakh shares against 57.06 lakh shares on offer.By Meghna Sen  March 4, 2026, 10:00:20 AM IST (Published)2 Min ReadPNGS Reva Diamond Jewellery shares made a weak debut on D-Street on Wednesday, March 4, listing at a nearly 4% discount to the IPO price. The stock opened at ₹372, about 3.6% lower than the issue price of ₹386 on BSE.

On NSE, the stock listed at ₹375, a discount of 2.85% to its IPO price.

The ₹380-crore IPO received an overall subscription of 1.23 times on Day 3, with bids for 70.31 lakh shares against 57.06 lakh shares on offer.

The QIB portion was subscribed 1.04 times, the retail segment 1.29 times, and the non-institutional investors' category 1.54 times.

The issue was open for subscription from February 24 to February 26. Ahead of the launch, the company raised ₹170.58 crore from anchor investors.

The price band was set at ₹367 to ₹386 per share, with a lot size of 32 shares.

The Pune-based company's IPO comprised entirely a fresh issue, with no offer-for-sale component. Proceeds will be used to open 15 new stores by FY28, fund marketing and promotional expenses for the 'Reva' brand, and meet general corporate requirements.

PNGS Reva Diamond Jewellery was carved out after its promoter, P N Gadgil & Sons Ltd, transferred its diamond jewellery business into a separate retail-focused entity through a slump sale.

As of March 31, 2025, the company operated 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka. Revenue rose 32% to ₹258.18 crore in FY25 from ₹195.63 crore a year earlier, while profit climbed 40% to ₹59.47 crore.Continue ReadingTagsIPO