PNGS Reva Diamond Jewellery IPO Overview
PNGS Reva Diamond Jewellery Limited is a retail-focused diamond and precious stone jewellery company operating in India under the flagship Reva brand, offering a wide range of diamond and gemstone-studded jewellery set in gold and platinum across categories such as rings, earrings, pendants, solitaires, bracelets, mangalsutras, and chains.
The company is launching its Initial Public Offering (IPO) to raise ₹380 crore through a fully fresh issue of equity shares at a price band of ₹367 – ₹386 per share (Face Value ₹10). It is a mainboard IPO and bids will be accepted from 24 February 2026 to 26 February 2026. The IPO is expected to list on both BSE and NSE on 4 March 2026.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Mainboard |
| IPO Open Date | 24 February 2026 (Monday) |
| IPO Close Date | 26 February 2026 (Wednesday) |
| Allotment Date | 27 February 2026 (Expected) |
| Credit to Demat | 2 March 2026 (Expected) |
| Refund Initiation | 2 March 2026 (Expected) |
| Listing Date | 4 March 2026 (Wednesday) – Tentative |
| Price Band | ₹367 to ₹386 per share |
| Face Value | ₹10 per share |
| Lot Size | 32 shares |
| Min Investment (Retail) | ~₹12,352 (1 lot) |
| sNII Investment | ~₹2,09,984 (17 lots minimum) |
| bNII Investment | Larger lots applicable |
| Issue Size | ₹380 crore (approx.) |
| Fresh Issue | ₹380 crore (100%) – no OFS |
| Total Shares Offered | ~98.45 lakh shares |
| Listing | BSE & NSE |
Note: The IPO does not include an Offer for Sale (OFS) — all funds go to the company for growth and expansion.
Issue Break-up
| Category | Allocation (% Approx.) |
| QIB (Qualified Institutional Buyers) | ~75% |
| NII (Non-Institutional Investors) | ~15% |
| Individual Investors | ~10% |
| Total | 100% |
Retail investors have a fixed quota of around 10%, while institutional investors (QIBs) are prioritized with the largest allocation.
Selling Shareholders (OFS)
No Offer for Sale (OFS) — the entire IPO is a fresh issue of equity shares, and there is no promoter selling in this offer.
Objects of the Issue (Fund Utilization)
Proceeds from the fresh issue will be used mainly for:
- Funding expansion of retail footprint — to establish ~15 new brand-exclusive stores across India.
- Marketing and promotional expenses — strengthening brand visibility and customer engagement.
- General corporate purposes — operational needs, working capital, and other strategic initiatives.
This capital infusion supports PNGS Reva’s growth strategy of deeper retail penetration and broader national brand presence.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Smart Horizon Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The key promoters of PNGS Reva Diamond Jewellery are:
- P. N. Gadgil & Sons Limited (corporate promoter), and
- Govind Vishwanath Gadgil & Renu Govind Gadgil (individual promoters).
These promoters bring legacy and retail experience from the established P. N. Gadgil jewellery business.
COMPANY DETAILS
PNGS Reva Diamond Jewellery Limited was originally incorporated in 2004 and later restructured in 2024–2025 following a slump sale and business transfer of the diamond and diamond jewellery business from its corporate promoter P. N. Gadgil & Sons Limited. Post-restructuring, PNGS Reva operates independently with a focus on diamond and precious stone jewellery retail under the Reva brand.
Business Activities:
- Design, manufacture, and retail of diamond-studded jewellery and precious stone products.
- Products include rings, earrings, necklaces, pendants, bangles, bracelets, chains and mangalsutras in gold and platinum.
- Operates through a mix of store formats and franchise/partner formats across multiple Indian cities.
Financial Snapshot (based on available reported data)
| Period Ended | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 (Mar 2025) | ~₹259.11 | ~₹59.47 |
| H1 FY26 (Sep 2025) | ~₹156.72 | ~₹20.13 |
Data indicates strong revenue growth and profitability in recent periods.
Company Strengths
- Strong brand heritage leveraging legacy of P. N. Gadgil & Sons Limited in jewellery retail.
- Focused diamond jewellery portfolio covering multiple product categories and price points.
- Retail expansion strategy backed by fresh capital to scale store network.
- Asset-light retail model with franchise and partner support reducing fixed store costs.
- Profitability track record with healthy margins in recent financial years.
- Grey Market Premium signals suggest positive listing sentiment.
Key Risks & Challenges
- Dependence on retail footfall and discretionary spending — jewellery demand fluctuates with economic conditions.
- Competition from established brands and e-commerce players in the jewellery sector.
- High promoter legacy expectations — transitioning from corporate promoter to standalone identity.
- Price volatility in gold and diamonds affecting margins and consumer pricing.
- Limited retail quota (10%) may restrict allocation for small investors.
Disclaimer
This document is for informational and educational purposes only and does not constitute investment advice. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results, and all investments are subject to market risks.
