PNGS Reva Diamond Jewellery IPO Opens Feb 24: Price Band, Dates, GMP

PNGS Reva Diamond Jewellery IPO to Open on Feb 24 – Key Details Inside

The primary market continues to see traction as PNGS Reva Diamond Jewellery Limited prepares to launch its Initial Public Offering (IPO). The Pune-based diamond jewellery retailer has announced that its public issue will open for subscription on Tuesday, February 24, 2026, and conclude on Thursday, February 26, 2026.

The company has fixed the price band at ₹367 to ₹386 per equity share. The total issue size is ₹380 crore, which is entirely a Fresh Issue of shares. Notably, there is no Offer for Sale (OFS) component, meaning the entire proceeds will go directly into the company for its expansion and growth plans.

PNGS Reva IPO: Key Highlights

• IPO Dates: February 24 – February 26, 2026
• Price Band: ₹367 – ₹386 per share
• Lot Size: 32 Shares
• Minimum Investment (Retail): ₹12,352
• Total Issue Size: ₹380 Crore (Fresh Issue)
• Listing: BSE and NSE
• Registrar: Bigshare Services Pvt Ltd

Purpose of the Issue

According to the Red Herring Prospectus (RHP), the company proposes to utilize the net proceeds from the fresh issue for the following objectives:

• ₹286.56 Crore will be used for setting up 15 new brand-exclusive stores.
• ₹35.40 Crore is allocated for marketing and promotional expenses to launch these new stores and enhance brand awareness.
• The remaining amount will be utilized for general corporate purposes.

This strategic allocation highlights the company's intent to transition from its current "Shop-in-Shop" model to a more independent, brand-exclusive retail presence across India.

Business Model and Financials

PNGS Reva Diamond Jewellery Limited operates as a retail-focused jewellery brand under its flagship label "Reva". The company specializes in diamond and precious stone-studded jewellery set in gold and platinum.

Historically, the company has leveraged a Shop-in-Shop model, operating stores within the retail ecosystem of its corporate promoter, P. N. Gadgil & Sons Limited. As of March 31, 2025, the company operated 33 stores across Maharashtra, Gujarat, and Karnataka.

Financial Performance (Restated):

• Revenue (FY25): ₹258.18 Crore
• Net Profit (FY25): ₹59.47 Crore
• PAT Margin (FY25): ~23%
• Revenue (H1 FY26): ₹156.72 Crore

The company has shown robust growth, with revenue jumping significantly in FY25 compared to the previous fiscal year. The high profit margins are attributed to the specific focus on diamond jewellery, which typically commands better margins than plain gold jewellery.

IPO Reservation and Lot Size

The offer follows the book-building process with the following investor reservations:

• QIB (Qualified Institutional Buyers): Not less than 75% of the net offer.
• NII (Non-Institutional Investors): Not more than 15%.
• Retail Investors: Not more than 10%.

Retail Investment Details: Retail investors can apply for a minimum of 1 lot (32 shares), which amounts to ₹12,352 at the upper price band. The maximum application for retail investors is 16 lots (512 shares), amounting to ₹1,97,632.

PNGS Reva Diamond IPO GMP (Grey Market Premium)

Market observers are closely watching the unlisted market for sentiment indicators. As of mid-February, the Grey Market Premium (GMP) for PNGS Reva Diamond Jewellery is reported to be volatile and speculative. Early trends suggest a modest premium, but investors should note that GMP is unofficial, unregulated, and subject to rapid changes based on market conditions. It should not be the sole criteria for investment decisions.

Risk Factors to Consider

Investors should be aware of specific risks outlined in the RHP:

• Geographical Concentration: A significant portion (approx. 97%) of the company's revenue comes from stores in Maharashtra. Any regional disruption could impact business.
• Brand Dependence: The company relies heavily on the legacy and brand reputation of its promoter, P. N. Gadgil & Sons.
• Competition: The rise of lab-grown diamonds poses a competitive threat to the natural diamond market.

Allotment and Listing Schedule

• Basis of Allotment: Friday, February 27, 2026
• Initiation of Refunds: Monday, March 2, 2026
• Credit of Shares to Demat: Monday, March 2, 2026
• Listing Date: Wednesday, March 4, 2026

Smart Horizon Capital Advisors Pvt Ltd is the Book Running Lead Manager to the issue, while Bigshare Services Pvt Ltd is the registrar.

Disclaimer: The content in this article is for informational purposes only and does not constitute financial or investment advice. Investors should consult their financial advisors and read the Red Herring Prospectus carefully before investing.