PNGS Reva Diamond Jewellery, a growing player in India’s glittering jewellery space, launched its much-anticipated initial public offering (IPO) from 24 February to 26 February 2026 with a total issue size of ₹380 crore. The public offer, priced between ₹367 and ₹386 per share, attracted considerable attention, buoyed by strong anchor investor participation and ambitious growth plans focused on retail expansion and brand building. With its debut on the BSE and NSE planned for 4 March 2026, the listing marks a pivotal moment for the Pune-based jewellery house.
Author : Aashiya Jain | EQmint | Corporate Updates
Who Is PNGS Reva Diamond Jewellery?
Founded in 2004, PNGS Reva Diamond Jewellery is rooted in a long legacy of craftsmanship and precious metal artistry, emerging from the jewellery business of the historic P. N. Gadgil & Sons family. The company creates and retails diamond-studded and gemstone jewellery under its flagship brand “Reva”, presenting a wide spectrum of designs from rings and solitaires to necklaces, bracelets, mangalsutras, and pendants all crafted in gold and platinum.
Today, Reva operates 34 stores across 25 cities in states such as Maharashtra, Gujarat, and Karnataka, combining both company-owned and franchise setups to reach a broad customer base. With an in-house design team and collaborations with experienced karigars (artisans), the company offers over a dozen unique jewellery collections rooted in tradition but tailored to contemporary tastes.
IPO Overview : Numbers You Should Know
The PNGS Reva IPO was structured as a book built public offer entirely comprising fresh equity shares worth about ₹380 crore. Unlike some IPOs that include an offer-for-sale component, Reva’s issue focused on raising capital for growth initiatives rather than providing exits to existing shareholders.
Key details of the IPO include:
- Price Band: ₹367–₹386 per share
- Issue Size: 98.44 lakh fresh shares
- Lot Size: 32 shares (minimum investment ₹12,352 at upper band)
- Subscription Window: 24–26 February 2026
- Allotment Date: 27 February 2026
- Listing Date (Tentative): 4 March 2026 on NSE & BSE
The IPO was managed by lead manager Smart Horizon Capital Advisors with Bigshare Services acting as registrar.
Backing from Anchor Investors
Ahead of the retail subscription period, Reva successfully raised ₹170.58 crore from anchor investors, allocating 44.19 lakh shares at the upper end of the price band (₹386). Global names like Citigroup Global Markets and Société Générale participated, alongside domestic mutual funds such as Tata India Consumer Fund and Groww Mutual Fund. This strong anchor book helped build early confidence among public investors.
Growth Plans Fueled by IPO Proceeds
The primary purpose of the fresh capital raised through the IPO is to accelerate the company’s retail footprint. Around ₹286.56 crore is earmarked for opening 15 new brand exclusive stores, with a strategic focus on Tier-1 cities and select Tier-2 locations. This expansion aims to increase visibility and accessibility of the Reva brand across India.
Another ₹35.40 crore is set aside for marketing and promotional activities tied to the launch of these new outlets, helping the company build stronger local awareness and customer engagement. The balance of the funds will be used for general corporate purposes like working capital and operational support.
Market Reception and Subscription Trends
The subscription phase kicked off with solid momentum especially from institutional investors who threw in a big chunk of bids under the Qualified Institutional Buyer category you know. But by 24 February the numbers showed the IPO had only hit about 59% subscription which meant the wider public wasn’t exactly rushing in at that point.
Over in the grey market the unofficial premium was bouncing around a bit which told you traders weren’t all on the same page about near-term listing gains. That kind of thing isn’t unusual for jewellery stocks because they tend to ride their own demand cycles and valuation swings that are tied to consumer mood and the bigger economic picture.
Financial Backdrop and Positioning
Reva has demonstrated growth in recent years, bolstered by rising demand for diamond and gemstone jewellery in India. For the fiscal year ending 31 December 2025, the company reported a widening revenue base and profitability that underscore its operational strength. While jewellery retail can be cyclical and inventory-intensive, Reva’s focus on differentiated design and its blend of franchise and company-owned outlets position it to capture both aspirational and traditional segments of the market.
Looking Ahead
As PNGS Reva Diamond Jewellery gets ready for its market debut, investors and industry watchers will be watching closely to see how the stock performs after listing and whether the company can actually pull off its store expansion plans.
With growth capital in place and strong promoter backing, Reva seems set to make a bigger mark in India’s jewellery market, a sector that’s still a big part of cultural traditions and life celebrations. The industry isn’t just about selling shiny stuff. It’s tied to weddings, festivals, family moments, you know, the kind of stuff people remember forever. Investors will want to see real traction, not just promises. And the company will need to prove it can handle both growth and customer trust at the same time.
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Disclaimer: This article is not an investment advice and is for educational purpose only
