PNGS Reva Diamond Jewelery IPO: The initial public offering of PNGS Reva Diamond Jewellery, which is looking to raise ₹380 crore, has witnessed weak demand.
The issue opened for subscription on February 24 and will close today, Thursday, February 26. The PNGS Reva Diamond Jewelery IPO price band has been set in the range of ₹368-386 per share.
PNGS Reva Diamond Jewelery IPO GMP Today
Investor sentiment toward the IPO is weak, as PNGC Reva gray market premium (GMP) shows discounted price of ₹-1 on February 26. This suggested that the stock was likely to debut at ₹385, down 0.26% from IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
PNGS Reva Diamond Jewelery IPO subscription status
The IPO was subscribed 0.86 times by 10:43 am on Day 3. The retail portion was subscribed 0.78 times, and NII portion was booked 0.68 times, Qualified Institutional Buyers (QIBs) portion received 0.96 times bids. Moreover, the employee portion was subscribed 5.01 times.
The company has received bids for 48.98 lakh shares against 57.06 lakh shares on offer.
PNGS Reva Diamond Jewelery IPO: Should you subscribe?
Brokerage firm Choice Broking has assigned a ‘Subscribe for long term’ recommendation to the issue. At the upper end of the price band, the IPO is priced at a P/E multiple of 20.6x, based on FY25 earnings per share of ₹18.8, suggesting that the valuation already reflects near-term growth prospects.
Choice Broking noted that the company has delivered consistent growth in revenue and profits over the past few years, although its margins have witnessed some fluctuations during this period.
Arihant Capital has also issued a ‘Subscribe for long term’ call, pointing to the company’s presence in the organized, design-focused diamond jewelery space.
According to Arihant Capital, PNGS Reva is well positioned to capitalize on increasing consumer demand for premium and customized diamond jewellery, which could help sustain margins and drive higher average order values over time.
PNGS Reva Diamond Jewelery IPO Details
The company aims to raise ₹380 crore from this initial public offering (IPO), which is entirely a fresh issue of 98 lakh shares with no offer for sale (OFS) component.
The IPO allotment is likely to be finalized on Friday, February 27. Shares are expected to be credited to the demat accounts of successful applicants on Monday, March 2, with refunds to unsuccessful bidders processed on the same day. The stock is slated to debut on the BSE and NSE, with a tentative listing date of Wednesday, March 4.
Funds raised through the public issue will be used to set up 15 new retail outlets, meet marketing and promotional costs, and support general corporate requirements.
The issue has a lot size of 32 shares. Based on the upper end of the price band, the minimum investment required for a retail investor works out to ₹12,352 for one lot.
Ahead of the IPO, the company raised close to ₹171 crore through its anchor book. Anchor investors included Citigroup Global Markets Mauritius, Tata Mutual Fund, Societe Generale, Groww Mutual Fund, SageOne Investments, Tiger Strategies Fund-I and Innovative Vision Fund, among others.
Under the issue structure, 75% of the shares have been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail individual investors.
Smart Horizon Capital Advisors is acting as the merchant banker for the issue, while Bigshare Services Pvt Ltd has been appointed as the registrar.
About PNGS Reva Diamond Jewelery
Incorporated in 2004, PNGS Reva Diamond Jewelery operates in the jewelery segment, specializing in diamond-studded jewellery. The company designs and sells jewelery crafted with diamonds as well as precious and semi-precious stones, set in precious metals such as gold and platinum. All its products are marketed under the brand name “Reva”.
The product portfolio spans a broad range of jewellery, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutra, nose rings and chains, catering to varied customer preferences and occasions. As of September 30, 2025, the company had 13 distinct jewelery collections, supported by an in-house design team, along with curated offerings sourced from third-party manufacturers and karigars.
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