PNGS Reva Diamond Jewellery IPO to open for bidding on Feb 24 - 10 things to know before subscribing to Rs 380-crore issue

PNGS Reva Diamond Jewellery IPO to open on Feb 24.

• PNGS Reva Diamond Jewellery IPO opens Feb 24, closes Feb 26.
• IPO price band set at Rs 367 to Rs 386 per share.
• IPO proceeds to fund 15 new stores and marketing by FY28.

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PNGS Reva Diamond Jewellery initial public offer (IPO) will open for public subscription in the primary market on February 24. The shares of the company are commanding a grey market premium of up to 5 percent.

Here are key things to know ahead of share sale

1) Price band: The issue fixed a price band of Rs 367 to Rs 386 for its Rs 380-crore initial public offering (IPO).

2) IPO dates: The initial share-sale will open for public subscription on February 24 and conclude on February 26, while the bidding for anchor investors will take place on February 23.

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3) IPO details: The Pune-based company's IPO is entirely a fresh issue of equity shares with no offer for sale component.

4) IPO Objective: Proceeds of the public issue will be used for setting up 15 new stores by fiscal year 2028; marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, "Reva", and general corporate purposes.

5) About the company: PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market. It is a retail-focused jewellery brand involved in the business of selling a wide range of jewellery. As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.

6) Financial details: On the financial front, PNGS Reva Diamond Jewellery's revenue from operations grew 32 per cent to Rs 258.18 crore in fiscal year 2025, from Rs 195.63 crore in the preceding fiscal, and profit rose by 40 per cent to Rs 59.47 crore.

7) PNGS Reva Diamond Jewellery IPO GMP: According to platforms tracking the grey market activities, the shares of PNGS Reva Diamond Jewellery are commanding a GMP of up to 5 percent. Investorgain quoted a GMP of Rs 12 for the shares of the company, indicating a listing gain of 3.11 percent. IPO Watch quoted a GMP of 5 percent.

8) Analysts note: Analysts at SBI Securities have assigned a 'Neutral' rating to the issue.

In their note, they stated that PNGS Reva represents a structurally differentiated opportunity within India’s organized diamond jewellery retail segment. Unlike gold-focused peers, whose margins are typically constrained by commodity-linked revenues, the company’s exclusive focus on diamond jewellery enables it to deliver PAT margins of approximately 23 percent in FY25 — among the highest in the Indian jewellery retail industry.

However, the analysts highlighted a key risk: the company’s business model is significantly dependent on its promoters, with 32 of its 34 stores operating under the Shop-in-Shop (SIS) format. Any adverse changes to franchise or trademark agreements could materially affect customer footfall, sales performance, and overall operations.

At the upper price band of Rs 386, the issue is valued at a P/E multiple of 20.6x based on post-issue capital. SBI Securities has therefore maintained a Neutral stance on the IPO and indicated that it will monitor the company’s performance post-listing.

9) Allotment details: The shares of the company are expected to be allotted by February 27.

10) Listing details: The shares of the company will be listed by by March 4.

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