On Day 2, the IPO was 83% subscribed out of the total 57.06 lakh shares on offer. The demand was primarily driven by Qualified Institutional Buyers (QIBs), who subscribed to 96% of their allocated portion, while the retail segment recorded a 66% subscription.
PNGS Reva Diamond Jewellery IPO GMP today
As of February 26, 2026, the grey market premium (GMP) for PNGS Reva Diamond Jewellery’s IPO is at Rs 0 per share, indicating no premium over the Rs 386 issue price.
PNGS Reva Diamond Jewellery IPO subscription status
On Day 2, the IPO of PNGS Reva Diamond Jewellery was 83% subscribed out of the total 57.06 lakh shares on offer.
Retail Individual Investors (RIIs): 66% subscribed of 10.34 lakh shares
Non-Institutional Investors (NIIs): 65% subscribed of 15.51 lakh sharesQualified Institutional Buyers (QIBs): 96% subscribed of 15.51 lakh shares
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PNGS Reva Diamond Jewellery IPO details
The IPO of PNGS Reva Diamond Jewellery is a fully fresh issue worth Rs 380 crore. The offer will close on February 26, 2026, and is scheduled to list on the BSE and NSE on March 4, 2026. At the upper end of the price band, the company’s pre-IPO market capitalisation is estimated at approximately Rs 1,224 crore.
The allotment is expected to be finalised on February 27, 2026. Investors can apply for a minimum of 32 shares (Rs 12,352), while retail investors can bid for up to 512 shares.
The IPO allocation is structured as follows: at least 75% reserved for Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Investors (NIIs), and up to 10% for Retail Investors.
PNGS Reva Diamond Jewellery business profile and expansion plans
PNGS Reva Diamond Jewellery is a retail-focused jewellery company specialising in diamond, precious, and semi-precious stone-studded jewellery in gold and platinum, along with plain platinum pieces, marketed under its flagship brand Reva. The company traces its origins to PN Gadgil and Sons and currently operates 34 stores across Maharashtra, Gujarat, and Karnataka.
Proceeds from the IPO will mainly be used to fund the opening of 15 new stores, support marketing and promotional activities for these launches, and meet general corporate requirements. Of the total proceeds, Rs 286.56 crore is allocated for store expansion, while Rs 35.40 crore is earmarked for marketing the new store launches.
Financial performance
On the financial front, PNGS Reva Diamond Jewellery reported revenue of Rs 259.11 crore in FY25, up from Rs 196.24 crore in FY24. Net profit for FY25 stood at Rs 59.47 crore, compared with Rs 42.41 crore in FY24. The company’s EBITDA margin was 30.7% in FY25, reflecting strong operating profitability, while basic EPS for the year was Rs 35.21.
Based on FY25 earnings, the company’s pre-IPO price-to-earnings (P/E) ratio is approximately 10.96x, positioning it below certain listed peers in the organised jewellery sector. However, direct comparisons are limited due to differences in scale and business models.
Brokerage views
Adroit Financial Services has recommended a “Subscribe” rating for the IPO. In its note, it said the company has demonstrated consistent revenue growth along with improving profitability on a year-on-year basis. While it described the issue as appearing aggressively valued at first glance, it added that superior EBITDA margins and stronger operating metrics compared with peers make the valuation seem justified.
On the other hand, Swastika Investmart has assigned an “Avoid” rating. It said that although the business has shown consistent growth and improving profitability, the IPO may be avoided for short-term or listing gains, especially for investors focused on predictable margin stability and geographic diversification.
Key risks highlighted include heavy revenue dependence on Maharashtra, competition from lab-grown diamonds, reliance on key suppliers, and execution risks in scaling up new stores.
Investors must weigh regional concentration risks and rising competition in the diamond jewellery segment. Divergent brokerage recommendations reflect the balance between healthy profitability metrics and concerns over valuation and execution.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)