Editor’s Note
The upcoming PNGS Reva Diamond Jewellery IPO is generating significant pre-market interest, as indicated by its activity in the grey market. This article examines the details of the issue, which aims to raise ₹380 crore and opens for subscription on February 24.
The GMP (Grey Market Premium) for the PNGS Reva Diamond Jewellery IPO is currently creating a stir. This mainboard IPO will open for subscription from February 24, but its activity in the grey market has been ongoing for several days, indicating investor interest in the issue.
The company aims to raise ₹380 crore through this book-built issue. A total of 98 lakh shares will be issued in this fully fresh issue. Of these, approximately 75% are reserved for the QIB (Qualified Institutional Buyers) category, 10% for the Retail category, and 15% for the NII (Non-Institutional Investors) category. The price band for the PNGS Reva Diamond Jewellery IPO has been set at ₹367 to ₹386 per share. The lot size is 32 shares per application. The minimum investment amount for retail investors has been set at ₹12,352 per share.
According to market sources, the PNGS Reva Diamond Jewellery IPO GMP in the unlisted market is ₹22, which is 5.7% higher than the cap price. This is the highest GMP for this issue so far. On February 13, when the price band was announced, the GMP reached ₹20. This premium persisted for several days. It then fell to ₹18 and has now jumped again to ₹22.
Established in 2004, PNGS Reva Diamond Jewellery is a well-known company active in the jewelry business, selling its products under the “Reva” brand name. The company manufactures jewelry set with diamonds, precious and semi-precious stones, mounted in precious metals like gold and platinum.
Its product portfolio includes options like rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutras, nose rings, and chains, catering to the needs of different customers and occasions. As of September 30, 2025, the company had 13 distinct jewelry collections. It has an in-house design team and also offers curated designs developed in collaboration with third-party manufacturers and artisans.
As of the RHP date, the company was operating 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, with a total area of 647.15 running feet. Its stores operate under FOCO, FOFO, and COCO models.
In FY25, the company’s total income was ₹259.11 crore and profit after tax was ₹59.47 crore. For the current financial year, as of the period ended September 30, 2025, the company’s revenue was ₹157.12 crore and profit after tax was ₹20.13 crore.