Grey market premium (GMP) for PNGS Reva Diamond Jewellery rose on Monday ahead of the opening of its Rs 380-crore initial public offering next week.
The public issue will open for subscription on February 24 and close on February 26. Bidding for anchor investors is scheduled for February 23.
According to platforms tracking grey market activity, the company’s shares were commanding a premium of up to about 9 percent. Investorgain quoted a GMP of Rs 35, indicating a potential listing gain of 9.07 percent, while IPO Watch showed a premium of around 5 percent.
The Pune-based company’s IPO comprises entirely a fresh issue of equity shares with no offer-for-sale component.
Proceeds from the issue will be used to set up 15 new stores by FY28, meet marketing and promotional expenses related to the launch of the new outlets to enhance visibility of the flagship brand “Reva”, and for general corporate purposes.
PNGS Reva Diamond Jewellery was formed after its promoter P N Gadgil & Sons Ltd transferred its diamond jewellery business through a slump sale, creating a separate entity operating in the retail jewellery segment.
As of March 31, 2025, the company operated 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.
Revenue from operations rose 32 percent to Rs 258.18 crore in FY25 from Rs 195.63 crore in the previous fiscal, while profit increased 40 percent to Rs 59.47 crore.
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