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PNGS Reva Diamond Jewellery IPO
1.22xsubscribed

PNGS Reva Diamond Jewellery IPO

Diamond & Jewellery
listed
₹11,744Min. investment

PNGS Reva Diamond Jewellery Limited IPO Details

SectorDiamond & Jewellery
Price range₹367 – ₹386
IPO type
Regular
Lot size32 shares
Issue size₹380Cr
Red Herring Prospectus
Read
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 IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Feb-26
0.13 times (X)
0.07 times (X)
0.39 times (X)
0.59 times (X)
25-Feb-26
0.13X
0.65X
0.67X
0.83X
26-Feb-26
0.19X
1.49X
1.24X
1.22X

As on 24-Feb-26, 5:30 PM

PNGS Reva Diamond Jewellery IPO Timeline

  1. Pre-apply
    23 Feb 2026
  2. Bid start
    24 Feb 2026
  3. Bid end
    26 Feb 2026
  4. Allotment
    27 Feb 2026
  5. Release of funds
    2 Mar 2026
  6. Demat transfer
    2 Mar 2026
  7. Listing
    4 Mar 2026

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

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

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.

Objectives of Pngs Reva Diamond Jewellery Limited IPO

Capital expenditure
75.41%
The company will use approximately ₹286.56 crore for setting-up of 15 new stores.
General corporate purposes
15.27%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Marketing and promotional expenses
9.32%
The company will spend ₹35.40 crore on marketing and promotions for its 15 new stores.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹258.18Cr13.95%₹59.47Cr₹1,224.04Cr10.960.37
This sector (avg.)₹7,172.77Cr0.03%₹66.45Cr₹7,398.94Cr45.820.57
₹60,456Cr---₹3,337Cr₹3,52,813.4Cr85.471.79
₹25,045.07Cr---₹714.17Cr₹37,346.24Cr40.101.03
₹4,910.58Cr---₹118.71Cr₹10,321.1Cr42.340.72

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

PNGS Reva Diamond Jewellery IPO Contact Details

Company NamePNGS Reva Diamond Jewellery Limited

How to apply for PNGS Reva Diamond Jewellery IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Pngs Reva Diamond Jewellery Limited IPO FAQs

Investors can apply for the PNGS Reva Diamond Jewellery IPO through their Demat account via the stock exchange or through their broker.
The issue size of the PNGS Reva Diamond Jewellery IPO is 380 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
PNGS Reva Diamond Jewellery IPO will be open between 2026-02-24 and 2026-02-26.
PNGS Reva Diamond Jewellery IPO allotment date is 2026-03-02. For PNGS Reva Diamond Jewellery IPO allotment status check, you can visit the website of the registrar of the IPO.
For PNGS Reva Diamond Jewellery IPO, the IPO registrar is Bigshare Services Private Limited. You can check PNGS Reva Diamond Jewellery IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The PNGS Reva Diamond Jewellery IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The PNGS Reva Diamond Jewellery IPO lot size is 32 and minimum order quantity is 32.
PNGS Reva Diamond Jewellery IPO has set the price band for its IPO at 386 per equity share with a face value of 10.