PNGS Reva Diamond Jewelery IPO Day 3 LIVE: The initial public offering (IPO) of PNGS Reva Diamond Jewelery Ltd has opened today and will remain open until 26 February 2026. The book build issue aims to raise ₹380 crore by issuing fresh share capital.
The company’s promoters have announced the PNGS Reva Diamond Jewelery IPO price band of ₹368 ₹386 per equity share. The public issue is proposed for listing on the BSE and the NSE.
PNGS Reva Diamond Jewelery IPO GMP today
According to market observers, the company’s shares are available in the gray market at a premium of ₹9 per share. This means PNGS Reva Diamond Jewelery IPO GMP today is ₹9. So, the PNGS Reva Diamond Jewelery IPO Gray Market Premium is signaling a listing gain of around 2% for potential allottees among total applicants.
PNGS Reva Diamond Jewelery IPO subscription status
After the end of bidding on day 2, the public issue was subscribed 0.83 times; the retail portion was booked 0.66 times, and the NII segment was filled 0.65 times. The QIB portion of the public issue was booked 0.96 times.
PNGS Reva Diamond Jewelery IPO: Apply or not?
Advising investors to apply for the mainboard IPO, Anshul Jain, Head of Research at Lakshmishree, said the company’s financial profile, with ₹59.5 Cr profit in FY25 (a 40% YoY increase) and a Return on Equity (ROE) of ~34%. Unlike gold-heavy retailers, Reva focuses on high-margin diamond and gemstone-studded pieces, maintaining a 0.37 debt-to-equity ratio. The company is utilizing its February 2026 IPO proceeds ( ₹380 Cr) to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its revenue away from its 97%concentration in Maharashtra.
“We suggest a ‘Subscribe’ rating for investors seeking high-growth exposure to the premiumization of India’s jewelery market,” Anshul Jain of Lakshmishree said.
Marwadi Financial Services assigned a ‘subscribe’ tag, saying, “Considering the FY25 EPS of ₹18.76 on a post-issue basis, the company is set to list at a P/E of approximately ~21x with a market cap of ₹1,224 Cr, whereas its peers namely Tribhovandas Bhimji Zaveri Limited, Thangamayil Jewelery Limited, and Senco Gold Limited are trading at P/E ratios of approximately ~7x, ~47x, and ~12x. We assign a “Subscribe” rating to this IPO given the company’s diversified product portfolio across categories and price points, along with its expertise in customized and high-value jewellery, which supports revenue growth and brand premiumisation. Also, it is available at a reasonable valuation considering the growth potential of the company.”
