Summary of this article
PNGS Reva Diamond Jewellery IPO got fully subscribed on Day 3
The diamond jeweller seeks to raise Rs 380 crore through entirely fresh issue
The firm will use Rs 286.56 crore from proceeds to set up 15 new stores
PNGS Reva Diamond Jewellery IPO GMP: Diamond jewellery maker PNGS Reva Diamond Jewellery’s initial public offering (IPO) got fully subscribed as the issue entered its final day of bidding on February 26. Meanwhile, amid a muted demand, the grey market premium (GMP) of its shares slipped drastically into the negative territory, indicating subdued listing prospects.
PNGS Reva Diamond Jewellery Limited was demerged from its listed parent PN Gadgil & Sons in January 2025. The parent company transferred its diamond jewellery division to the newly formed entity through a slump sale under a Business Transfer Agreement dated January 31, 2025. Following the transaction, PNGS Reva began operating independently as a retail diamond jewellery company.
PNGS Reva Diamond Jewellery IPO Subscription Status
PNGS Reva Diamond Jewellery has reserved not less than 75 per cent of the net issue for Qualified Institutional Buyers (QIBs). Retail investors will receive not more than 10 per cent of the net issue, while Non-Institutional Investors (NIIs) have been allocated up to 15 per cent of the offering.
As of 1:45 PM on Day 3, PNGS Reva Diamond Jewellery IPO was subscribed by 1.08 per cent overall.
NIIs led the subscription, placing bids 1.26 times their quota, while QIBs and retail investors' portion were also completely booked, getting subscribed by 100 per cent each.
PNGS Reva Diamond Jewellery IPO Details: Issue Size, Allotment Date, Listing Date
PNGS Reva Diamond Jewellery seeks to raise Rs 380 crore through its book-built IPO, which is comprised entirely of a fresh issue of 9.84 million shares.
The price band has been fixed at Rs 367-386 per share and investors can place their bids in lot size of 32 equity shares. At the upper price band, retail investors are required to invest Rs 12,352 to bid for one lot.
The allotment of shares is expected to be finalised on February 27, and shares are set to list on both the stock exchanges, NSE and BSE, on March 4.
Smart Horizon Capital Advisors is the book running lead manager and Bigshare Services is acting as the registrar.
PNGS Reva Diamond Jewellery IPO Objectives
PNGS Reva Diamond Jewellery will use Rs 286.56 crore from its net proceeds to set up 15 new stores. It will spend another Rs 35.40 crore on marketing and promotional activities to support these launches and enhance local visibility of its flagship brand, ‘Reva’.
The company will use the remaining funds for general corporate purposes.
PNGS Reva Diamond Jewellery IPO GMP Today, Expected Listing Price
Meanwhile, PNGS Reva Diamond Jewellery IPO's GMP was quoted at a discount of Re 1 per share to the issue price. The GMP has retreated from its peak of Rs 21 to the current level of Re -1.
Given the current GMP and the upper end of the issue price at Rs 386, PNGS Reva Diamond Jewellery shares are estimated to list at around Rs 385 per share. This implies a negative GMP percentage of about 0.26 per cent, signalling expectations of a marginal discount listing.
PNGS Reva Diamond Jewellery IPO Financials
PNGS Reva Diamond Jewellery's revenue increased to Rs 259.11 crore in FY25 from Rs 196.24 crore in FY24. It posted a revenue of Rs 157.12 crore for the six months ended September 30, 2025.
The jeweller's profit after tax (PAT) came in at Rs 59.47 crore in FY25, up from Rs 42.41 crore a year earlier. For the first half of FY26, it posted a PAT of Rs 20.13 crore.
The company improved its Ebitda to Rs 79.61 crore in FY25 from Rs 56.14 crore in FY24. It reported Ebitda of Rs 30.79 crore for the six-month period ended September 2025.
As of September 30, 2025, the company held total assets of Rs 352.70 crore. It reported a net worth of Rs 120.31 crore and reserves and surplus of Rs 98.44 crore. It had a net debt of Rs 130.25 crore at the end of the period.
