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PNGS Reva Diamond Jewellery IPO

PNGS Reva Diamond Jewellery IPO

Diamond & Jewellery
upcoming
₹11,744Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    24 Feb
  3. Bid end
    26 Feb
  4. Allotment
    27 Feb
  5. Release of funds
    2 Mar
  6. Demat transfer
    2 Mar
  7. Listing
    4 Mar

PNGS Reva Diamond Jewellery Limited IPO Details

SectorDiamond & Jewellery
Price range₹367 – ₹386
IPO type
Regular
Lot size32 shares
Issue size₹380Cr
Market Cap
₹1,224.04CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹258.18CrLower than sector avg
Growth rate3Y CAGR
13.95%Higher than sector avg

PNGS Reva Diamond Jewellery Limited IPO Overview

PNGS Reva Diamond Jewellery Limited IPO date

PNGS Reva Diamond Jewellery Limited IPO will open for subscription on February 24, 2026, and the closing date for the IPO is February 26, 2026. After this, investors are expected to be updated about the allotment status on February 27, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on March 02, 2026. The shares will be listed on the NSE and the BSE on Wednesday, March 04, 2026.

PNGS Reva Diamond Jewellery Limited IPO price band

The IPO includes a fresh issue only. The IPO price band has been set between ₹367 to ₹386 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹380 crore. PNGS Reva Diamond Jewellery Limited IPO listing price will be determined on March 04, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

PNGS Reva Diamond Jewellery Limited IPO lot size

PNGS Reva Diamond Jewellery Limited IPO details have been declared. The minimum lot size for an application is 32 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹380 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹258.18Cr
This sector
₹7,172.77Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
13.95%
This sector
0.03%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹59.47Cr
This sector
₹66.45Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹1,224.04Cr
This sector
₹7,398.94Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
10.96
This sector
45.82
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.37
This sector
0.57
Compare with companies

Objectives

Capital expenditure
75.41%
General corporate purposes
15.27%
Marketing and promotional expenses
9.32%

Strength and Weakness

Diversified portfolio across categories and price points

Reva offers a broad portfolio across daily‑wear and high‑value occasion pieces, with designs starting around ₹20,000 and spanning multiple categories like rings, earrings, necklaces, bangles and mangalsutras in gold and platinum with diamonds and semi‑precious stones. The company has launched 3, 6 and 4 new collections in FY23, FY24 and FY25, respectively. This breadth and innovation help the brand stay aligned with rapidly evolving consumer preferences across segments.

Regional focus and operating efficiency

Reva’s concentrated presence across Tier‑1, Tier‑2 and Tier‑3 cities in Maharashtra, Gujarat and Karnataka allows tighter alignment with regional demand drivers like weddings and festivals, improving inventory turns. Operating within a focused western India corridor enables centralised inventory management, lower logistics costs and faster replenishment cycles through optimised routes and proximity to the quality‑control hub.

Strong quality architecture and certification

All jewellery is made in BIS-hallmarked gold, with diamonds largely in the E–F and F–G colour ranges and VVS clarity, certified by IGI. Solitaire diamonds are GIA-certified. The company uses specialised tools to assess cut, clarity, colour, carat and metal purity, supported by regular supply-chain audits. Detailed certificates and care guides shared with customers further build trust, especially as diamond-studded jewellery accounts for nearly all of its revenue between FY23 and FY25.

Strength in customised and bridal jewellery

All jewellery is crafted in hallmarked gold in line with BIS purity norms, with diamonds predominantly in E–F and F–G colour grades and VVS clarity, certified by IGI. Solitaire diamonds are certified by GIA, and the company uses specialised tools to assess clarity, cut, colour, carat and metal purity. Regular supply‑chain audits and customer‑facing documentation (certificates and care instructions) reinforce trust, crucial in a category where 99.64–99.75% of FY23–FY25 income comes from diamond‑studded ornaments

Expertise in customised and bridal high‑value jewellery

Reva is well placed to tap the rising demand for personalised, high-value jewellery. Customers can customise everything from metals and diamonds to gemstones and engravings. The brand also offers handcrafted bridal sets designed for once-in-a-lifetime occasions, which typically carry higher ticket sizes and help foster long-term customer relationships.

About PNGS Reva Diamond Jewellery Limited

PNGS Reva Diamond Jewellery is a retail jewellery brand that primarily focuses on the sale of diamond and studded jewellery under the brand name 'Reva'. The brand 'Reva' currently runs 34 stores in 25 cities located in Maharashtra, Gujarat, and Karnataka. Among these, 33 are shop-in-shop (SIS) counters situated inside PNG stores, and one is a fully company-owned exclusive store. The company is engaged in a franchise agreement with P.N. Gadgil & Sons, through which it is entitled to get access to retail space, billing systems, security, logistics, and other infrastructure support.
The company sells diamond and platinum jewellery at different price points, with jewellery pieces starting at around ₹20,000. Its product range covers rings, earrings, necklaces, pendants, bracelets, bangles, mangalsutras, nose pins, and chains. Moreover, customers are given the option of getting the jewelry customised. The jewelry is crafted using gold that is BIS, hallmarked.
The company has three operating models. In the FOCO model (franchise owned, company operated), PNG is the provider of the space and Reva takes care of operations; this is the major model. In the FOFO model, PNG takes care of both space and operations. The COCO model is used for brand, exclusive stores that are both owned and operated by the company. FOCO stores accounted for the major part of revenue at 14,293.20 lakhs in 1HFY26.
In terms of operating metrics, revenue per running foot was ₹43.1 lakhs in FY25. The average order value was around ₹85,000 in FY25 and grew to ₹1.2 lakh in H1FY26. The number of bills has also increased from 22,907 in FY23 to 30,378 in FY25. Maharashtra accounts for the major chunk of revenue (over 97%) with only small portions coming from Karnataka and Gujarat. Mangalsutras, rings, and earrings have been the main sales drivers. In H1FY26, rings accounted for about 20.84%, mangalsutras at 21.34%, and earrings at 12.23% of revenue. Gold jewellery and other studded categories also make up a significant part of sales.
Reva doesn't make its jewellery in-house. It buys finished goods from external manufacturers and karigars. Carrying stock items is the biggest part of the purchases. The company has a tiny in-house design team consisting of 2 designers and is also working closely with vendor partners to launch new collections. It launched 4 new collections in FY25. On the marketing side, the company is using digital platforms like WhatsApp, Instagram, Facebook, Google Ads, OTT platforms, and cinema advertising.
India's gems and jewellery industry is undergoing a huge transformation. The industry was worth about ₹8.80 lakh crore in CY24 and is expected to continue to grow at a strong 11.7% CAGR until CY29. Several factors such as per capita income going up (predicted at 8.88% CAGR), quick urbanisation, and the culturally ingrained tradition of buying jewellery for weddings and festivals in India, are fuelling this increase. By refocusing on diamond-studded gold jewellery only, the company is benefiting from a product segment that is growing much quicker than the rest of the industry. It is estimated that this segment will register a 16.1% CAGR that will almost double the market size, going from ₹34,933 crore in CY24 to ₹73,560 crore in CY29.
Another major factor contributing to the company's success is the shift from unorganised retail to organised retail that continues at a fast pace. By CY29, the organised players will have grown in absolute terms by 126% in this segment. Besides the company having presence in the states Maharashtra, Gujarat, and Karnataka, which collectively contribute almost 66% of the demand for gold jewellery in India, PNGS has adopted an asset-light shop-in-shop business model, which resulted in a phenomenal 30.8% operating margin during FY25, far surpassing the 4–9% margins reported by many established peers. Now, PNGS Reva Diamond Jewellery Ltd is launching its initial public offering (IPO), which is a completely fresh issue of ₹380 crore. Its shares will be listed on the NSE and BSE.

How to apply for the PNGS Reva Diamond Jewellery IPO?

If you are interested in this investment opportunity but unsure how to apply for the PNGS Reva Diamond Jewellery IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the PNGS Reva Diamond Jewellery IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘PNGS Reva Diamond Jewellery IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check PNGS Reva Diamond Jewellery IPO Allotment Status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the PNGS Reva Diamond Jewellery IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your PNGS Reva Diamond Jewellery IPO allotment status will be mentioned

How to pre-apply for the PNGS Reva Diamond Jewellery IPO?

You can pre-apply for the PNGS Reva Diamond Jewellery IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘PNGS Reva Diamond Jewellery IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

Frequently asked questions

How to invest in the PNGS Reva Diamond Jewellery IPO ?

Investors can apply for the PNGS Reva Diamond Jewellery IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of PNGS Reva Diamond Jewellery IPO ?

The issue size of the PNGS Reva Diamond Jewellery IPO is 380 Cr.

What is 'pre-apply' for PNGS Reva Diamond Jewellery IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will PNGS Reva Diamond Jewellery IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 24 Feb 2026