PNGS Reva Diamond Jewellery IPO is set to open for subscription on February 24, 2026 and will remain open until February 26, 2026. The IPO is a Book Build Issue where the company plans to raise approximately ₹380 crores through a fresh issue of equity shares. There is no offer for sale portion disclosed separately in the draft documents.
The price band for the IPO has been fixed at ₹367 to ₹386 per share with a face value of ₹10 each. The allotment is expected to be finalised on February 27, 2026, and the shares are likely to be listed on BSE and NSE on March 4, 2026. Retail investors have been allocated 10%, Qualified Institutional Buyers (QIB) have 75%, and High Net Worth Individuals (HNI) have 15% of the issue size.
Contents
PNGS Reva Diamond IPO Details
| Detail | Information |
|---|---|
| IPO Open Date | February 24, 2026 |
| IPO Close Date | February 26, 2026 |
| Face Value | ₹10 per equity share |
| Price Band | ₹367 – ₹386 per share |
| Issue Size | Approx ₹380 Crores |
| Fresh Issue | Approx ₹380 Crores |
| Offer for Sale | Not Disclosed Separately |
| Issue Type | Book Build Issue |
| IPO Listing | BSE, NSE |
| Basis of Allotment | February 27, 2026 |
| Refunds | March 2, 2026 |
| Credit to Demat Account | March 2, 2026 |
| Listing Date | March 4, 2026 |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
PNGS Reva Diamond IPO
Open: 24-26 Feb
Issue Size: ₹380 Cr.
Objective: To fund 15 new brand stores, marketing and general use.
Exchange: BSE NSE
PNGS Reva Diamond Jewellery IPO review
PNGS Reva Diamond Jewellery Limited comes with a healthy financial track record, showing steady growth in revenue and profitability over the last three years. The company operates in the organised diamond jewellery segment and is expanding aggressively through the launch of 15 new Reva brand stores, which supports long-term business visibility.
Strong margins, comfortable debt levels and improving asset base are positive indicators. However, investors should also note the competitive nature of the jewellery retail market and sensitivity to gold and diamond prices. Overall, this IPO looks suitable for investors with a long-term perspective and moderate risk appetite.
Market Lot & Application Size
| Category | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 32 | ₹12,352 |
| Retail Maximum | 16 | 512 | ₹1,97,632 |
| S-HNI Minimum | 17 | 544 | ₹2,09,984 |
| S-HNI Maximum | 80 | 2,560 | ₹9,88,160 |
| B-HNI Minimum | 81 | 2,592 | ₹10,00,512 |
IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investors | 44,19,200 | – |
| Qualified Institutional Buyers (Ex. Anchor) | – | 75% |
| Non-Institutional Investors | – | 15% |
| Retail Investors | – | 10% |
Anchor Investors bidding took place on February 23, 2026 with an anchor portion of 44,19,200 shares valued at ₹170.58 Crores. The anchor lock-in is 50% for 30 days and 50% for 90 days post listing.
PNGS Reva Diamond Jewellery IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | February 23, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 44,19,200 Shares |
| Anchor Size | ₹170.58 Cr |
| Lock-in period end date – 50% shares (30 Days) | March 29, 2026 |
| Lock-in period end date – 50% shares (90 Days) | May 28, 2026 |
Promoters & Holding Pattern
The promoters of PNGS Reva Diamond Jewellery are P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil and Renu Govind Gadgil.
| Particular | Shares | % Holding |
|---|---|---|
| Promoter Holding Pre-Issue | 2,18,66,400 | 87.45% |
| Promoter Holding Post-Issue | 3,17,10,959 | 60.31% |
Objects of the Issue
The proceeds from the IPO will be used to fund the expansion of the company’s retail footprint by setting up 15 new stores, with an allocation of around ₹286.56 crores. Additionally, approximately ₹35.40 crores will be spent on marketing and promotional activities for these new stores to strengthen the visibility of the Reva brand. The balance will be used towards general corporate purposes.
About P. N. Gadgil & Sons Reva Diamond Jewellery
PNGS (P. N. Gadgil & Sons) Reva Diamond Jewellery, incorporated in 2004, is engaged in retailing diamond and gemstone jewellery set in gold and platinum. The company launched the Reva diamond-focused brand in February 2025 to offer stylish and affordable diamond jewellery. Its product portfolio includes diamond rings, earrings, bracelets, necklaces, and sets.
By March 31, 2025, the company operated 33 stores across 25 cities. The Reva collection was strategically launched before Valentine’s Day 2025 to capture festive and gifting demand, with products starting from around ₹10,000.
Financial Summary (₹ in Crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹199.35 | ₹130.17 | ₹51.75 | ₹123.93 |
| 2024 | ₹196.24 | ₹139.56 | ₹42.40 | ₹158.33 |
| 2025 | ₹259.11 | ₹179.90 | ₹59.81 | ₹226.84 |
| Sep 2025 | ₹157.12 | ₹130.30 | ₹20.13 | ₹352.70 |
Valuation Metrics – FY2025
| KPI | Value |
|---|---|
| ROE | 165.9% |
| ROCE | 79.8% |
| EBITDA Margin | 30.83% |
| PAT Margin | 23.04% |
| Debt to Equity Ratio | 0.37 |
| EPS (Basic) | ₹35.21 |
| Price/Earnings (P/E) | Not Available |
| Return on Net Worth (RoNW) | 59.36% |
| Net Asset Value (NAV) | ₹45.82 |
Peer Comparisons
| Company | EPS | P/E Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Tribhovandas Bhimji Zaveri Ltd | 8.16 | 23.58 | 9.05% | 90.14 | ₹2298.94 Cr |
| Thangamayil Jewellery Ltd | 44.91 | 41.24 | 24.99% | 179.74 | ₹3826.78 Cr |
| Senco Gold Ltd | 24.06 | 14.48 | 13.26% | 175.74 | ₹5241.44 Cr |
IPO Lead Manager
Smart Horizon Capital Advisors Pvt. Ltd.
Company Address
| Field | Details |
|---|---|
| Company | PNGS Reva Diamond Jewellery Ltd |
| Address | Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune – 411041, Maharashtra, India |
| investor@revabypng.com | |
| Phone | +91 020-29980704 |
| Website | https://www.revabypng.com/ |
IPO Registrar
Bigshare Services Pvt. Ltd.
| Field | Details |
|---|---|
| Phone | +91-22-6263 8200 |
| ipo@bigshareonline.com | |
| Website | https://ipo.bigshareonline.com/IPO_Status.html |
PNGS Reva Diamond Jewellery IPO FAQs
What is PNGS Reva Diamond Jewellery IPO?
PNGS Reva Diamond Jewellery IPO is a mainboard IPO aiming to raise approx ₹380 crores with shares priced at ₹367 to ₹386.
When does the IPO open and close?
The IPO opens on February 24, 2026 and closes on February 26, 2026.
What is the price band?
The price band is ₹367 to ₹386 per share.
How is the issue size split?
The entire issue is a fresh issue of approx ₹380 crores.
What are the investor quotas?
QIB – 75%, NII – 15%, Retail – 10%.
What is the minimum lot size?
Minimum lot is 32 shares for ₹12,352.
When is the allotment date?
Allotment is expected on February 27, 2026.
When is the listing date?
Listing is scheduled for March 4, 2026 on BSE & NSE.
Expert Comment
PNGS Reva Diamond Jewellery’s IPO arrives at a time when the Indian diamond jewellery market is witnessing steady demand, driven by festivals, wedding seasons and enhanced retail expansion. The company’s strong financial performance over recent years with improving revenue and profitability metrics augurs well.
The aggressive store expansion plan backed by focused marketing for the Reva brand reflects confidence in scaling operations. However, investors should weigh valuation relative to peers and the competitive landscape before applying. Long-term investors might find value if growth projections play out as intended. sound advice is to align investment decisions with personal financial goals and risk appetite.
