Reva Diamonds sets price band at Rs 367-386 per share for its Rs 380-crore IPO

Reva Diamonds IPO News

• Reva Diamonds sets price band at Rs 367-386 per share for IPO
• Reva aims to raise Rs 380 crore via IPO
• IPO to open for subscription on February 24, close on February 26

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P N Gadgil & Sons-promoted PNGS Reva Diamond Jewellery, the diamond and precious and semi-precious stones-studded jewellery retailer under Reva Diamonds brand, has fixed price band at Rs 367-386 per share for its Rs 380-crore initial share sale.

The public issue will open for subscription on February 24 and close on February 26, while the anchor book for a day will be launched on February 23.

The initial public offering (IPO) comprises of entirely fresh issue with no offer-for-sale component. The company has reserved shares worth Rs 38.6 lakh for its employees.

Up to 75 percent of the net offer (excluding employees portion) has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 10 percent for retail investors.

Investors can bid for a minimum of 32 equity shares, and in multiples of 32 shares thereafter, resulting in to the minimum investment of Rs 12,352 and maximum of Rs 1,97,632 by retail investors.

Reva Diamonds, which is valued at Rs 1,223.5 crore at the upper price band, intends to utilise Rs 286.5 crore of proceeds from the IPO for setting-up of 15 new brand-exclusive stores across India.

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Further, it will spend Rs 35.4 crore for marketing and promotional expenses related to the launch of the 15 new stores, and the remainder funds for general corporate purposes.

PNGS Reva Diamond Jewellery primarily sells its products through 34 retail stores. Of which, one is a brand-exclusive store owned and operated by the company itself under COCO (company owned company operated basis) model, and 33 stores are currently in the shop-in-shop format operated within the premises of promoter P N Gadgil & Sons.

P N Gadgil & Sons separated its diamond business under Reva Diamonds via a slump sale effective January 31, 2025. Followed by which, the new entity has filed Draft Red Herring Prospectus with SEBI in June 2025 to raise funds up to Rs 450 crore via IPO. Subsequently, the capital markets regulator approved company's draft document in October 2025.

The merchant banker managing the PNGS Reva Diamond Jewellery IPO is Smart Horizon Capital Advisors.