Editor’s Note
PNGS Reva, a diamond jewellery retailer, has announced its IPO schedule, with a fresh issue of ₹380 crore set to open from February 24 to 26. While the official price band is yet to be disclosed, grey market activity suggests a premium. Proceeds are earmarked for expanding its retail footprint and brand presence.
Diamond jewellery retail brand PNGS Reva will launch a fresh issue of ₹380 crore between February 24 and 26. The price band has not been announced yet, but shares are trading at a premium of ₹16 in the grey market. The company will use the funds to open 15 new stores and spend on brand expansion. Learn more details.
The company’s IPO will be a complete fresh issue, meaning it does not include an Offer for Sale (OFS) by any existing shareholder. The funds raised from the IPO will go directly to the company and will be used for expansion plans.
The company has clarified that a major portion of the proceeds from this issue will be used to open 15 new stores by the financial year 2028. In addition, funds will also be spent on marketing and promotional activities to strengthen the identity of the ‘Reva’ brand. The remaining amount will be used for general corporate purposes.
In the financial year 2025, the company recorded strong growth. Revenue from operations increased by 32% from ₹195.63 crore to ₹258.18 crore. Profit increased by 40% to ₹59.47 crore. These figures indicate that the company’s business is expanding while also increasing profitability.
Although the IPO price band has not been announced yet, its shares are trading at a premium of ₹16 in the grey market. This means that whatever price band is set, the listing could be around ₹16 higher than that price based on the current GMP. However, it is important to note that the grey market premium is only an informal indicator and can change rapidly.
Smart Horizon Capital Advisors has been appointed as the Book Running Lead Manager for this issue. The company’s shares are proposed to be listed on the NSE and BSE. Strong branding in the jewellery sector, a clear plan for store expansion, and better financial performance make PNGS Reva an interesting IPO. However, the final decision should be made considering the price band, valuation, and market conditions.
PNGS Reva Diamond Jewellery was established when its promoter P N Gadgil & Sons Ltd. separated its diamond jewellery business through a slump sale. Following this process, PNGS Reva emerged as an independent entity, although it remains active in the diamond jewellery market. The company is primarily a retail-focused brand and sells various types of jewellery. As of March 31, 2025, the company had a total of 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka.
