PNGS Reva Diamond Jewelery IPO, which opened for subscription on February 24, has been subscribed over 59% as of the end of the first day of bidding. The mainboard IPO will close on Thursday, February 26.
PNGS Reva Diamond Jewelery was created after its promoter, PN Gadgil & Sons Ltd, transferred its diamond jewelery division via a slump sale, allowing the brand to operate independently in the segment.
The company primarily focuses on retailing a wide range of diamond jewelery products and does not undertake exports. As of March 31, 2025, it operated 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka.
PNGS Reva Diamond Jewelery IPO subscription status
By the end of the first day, the issue was subscribed 0.59 times or 59%. The mainboard IPO attracted bids around 33.83 lakh shares against the 57.06 lakh shares available on offer.
The employee portion witnessed robust demand, with the reserved quota oversubscribed 3.68 times by the end of the first day. Meanwhile, the NII and QIB categories were subscribed 0.07 times and 0.92 times, respectively, as per exchange data, while the retail segment saw bookings of 0.37 times.
PNGS Reva Diamond Jewelery IPO GMP today
The GMP of PNGS Reva Diamond Jewelery IPO has fallen to ₹1.5 from ₹9, according to the markets tracking the gray market.
Based on the upper end of the price band and the prevailing GMP, the shares are estimated to list at around ₹387.5 each, reflecting a premium of about 0.39% over the issue’s upper price band of ₹386, as per InvestorGain.
PNGS Reva Diamond Jewelery IPO Review
Brokerage firm SBI Securities has given a ‘neutral’ rating to the PNGS Reva Diamond Jewelery IPO, saying that the company is a structurally differentiated play on India’s organized diamond jewelery retail segment.
“Unlike gold-centric peers, whose margins are constrained by commodity-linked revenues, Reva’s 100% diamond focus generates PAT margins of ~23% (FY25) — among the highest in Indian jewelery retail.
However, PNGS Reva’s business model is highly dependent on its promoters, as 32 out of 34 stores are operated under the Shop-in-Shop (SIS) format. Any unfavorable modifications to the franchise or trademark agreements could significantly impact Reva’s customer footfall, sales, and overall operations.
At the upper price band of ₹386, the issue is valued at a P/E multiple of 20.6x based on post-issue capital. We maintain a NEUTRAL view on the IPO and intend to observe its performance post-listing,” the firm said.
Meanwhile, brokerage firm Swastika Investmart has recommended investors to ‘avoid’ for short-term or listing gains.
“The business has demonstrated consistent revenue growth along with improving profitability on a year-on-year basis. On the basis of recent financials, the issue initially appears to be aggressively valued.
However, considering its superior EBITDA margins and stronger operating metrics compared to industry peers, the IPO valuation seems justified. The IPO may be avoided for short-term or listing gains, for investors who prioritize geographic diversification and predictable margin stability. The IPO may be avoided for short-term or listing gains; for investors who prioritize geographic diversification and predictable margin stability,” it said.
PNGS Reva Diamond Jewelery IPO details
PNGS Reva Diamond Jewelery plans to raise ₹380 crore during the subscription period through a completely fresh issue of 0.98 crore shares. The price band has been set at ₹367- ₹386 per share, with a lot size of 32 shares, translating into a minimum investment of ₹12,352 for retail investors.
The IPO allotment is expected to be finalized on Friday, February 27. The company proposes to begin processing refunds from Monday, March 2, and shares will be credited to the demat accounts of successful bidders later the same day once refunds are completed.
Out of the total proceeds, ₹Rs 286 crore will be utilized for establishing 15 new stores, while ₹₹35.40 crore will be earmarked for marketing and promotional activities related to these launches. The balance amount will be used for general corporate purposes.
Smart Horizon Capital Advisors is the book running lead manager and Bigshare Services is the registrar of the issue.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
