PNGS Reva Diamond Jewellery IPO Subscribed 59% on Day 1; QIB Portion Nearly Fully Booked
New Delhi, February 24: The initial public offering of PNGS Reva Diamond Jewellery was subscribed 59 per cent on the first day of bidding on Tuesday, reflecting steady investor participation across categories.PNGS Reva IPO Subscription Status on Day 1
The Rs 380 crore IPO received bids for 33,83,488 shares against 57,06,235 shares on offer, according to NSE data.The Qualified Institutional Buyers portion was subscribed 92 per cent, indicating strong interest from institutional investors. The Retail Individual Investors segment saw 37 per cent subscription, while the Non Institutional Investors category was subscribed 7 per cent on the opening day.
The public issue will remain open for subscription until February 26.
Anchor Investors and Price Band Details
Ahead of the IPO launch, PNGS Reva Diamond Jewellery raised nearly Rs 171 crore from anchor investors.The company has fixed a price band of Rs 367 to Rs 386 per share. The IPO is entirely a fresh issue of equity shares, with no offer for sale component.
Utilisation of IPO Proceeds
The proceeds from the public issue will be deployed to:- Set up 15 new retail stores by fiscal year 2028
- Fund marketing and promotional expenses related to the launch of these new outlets to enhance visibility of its flagship brand Reva
- Meet general corporate purposes
“We are raising funds to expand our business,” said CEO Amit Modak.
Company Background and Business Model
PNGS Reva Diamond Jewellery was formed after its promoter, P N Gadgil & Sons Ltd, transferred its diamond jewellery business through a slump sale. This move enabled PNGS Reva to operate as a separate entity with its own brand identity while continuing in the diamond jewellery segment.The company is a retail focused jewellery brand offering a wide range of jewellery products.
As of March 31, 2025, PNGS Reva operated 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.
Financial Performance
On the financial front, PNGS Reva Diamond Jewellery reported revenue from operations of Rs 258.18 crore in fiscal year 2025, registering a 32 per cent growth from Rs 195.63 crore in the previous fiscal.Profit increased 40 per cent to Rs 59.47 crore in fiscal year 2025, compared with the preceding year.
The IPO is aimed at strengthening the company’s retail footprint and supporting its next phase of expansion in the diamond jewellery market.
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