What are the open and close dates of the PNGS Reva Diamond Jewellery IPO ?

PNGS Reva Diamond Jewellery IPO will be open between 2026-02-24 and 2026-02-26.

What is the allotment date for the PNGS Reva Diamond Jewellery IPO ?

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.

Who is the registrar of PNGS Reva Diamond Jewellery 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.

Where is the PNGS Reva Diamond Jewellery IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will PNGS Reva Diamond Jewellery IPO shares be credited to your demat account?

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.

What is the lot size and minimum order quantity of the PNGS Reva Diamond Jewellery IPO ?

The PNGS Reva Diamond Jewellery IPO lot size is 32 and minimum order quantity is 32.

What is the price band for the PNGS Reva Diamond Jewellery IPO ?

PNGS Reva Diamond Jewellery IPO has set the price band for its IPO at 386 per equity share with a face value of 10.

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IPO

1.22x

subscribed

PNGS Reva Diamond Jewellery IPO

Diamond & Jewellery

listed

₹11,744Min. investment

Pre-apply
23 Feb
Bid start
24 Feb
Bid end
26 Feb
Allotment
27 Feb
Release of funds
2 Mar
Demat transfer
2 Mar
Listing
4 Mar

PNGS Reva Diamond Jewellery Limited IPO Details

Issue size

₹380Cr

IPO type

Mainboard

Market Cap

₹1,224.04CrLower than sector avg

Price range

₹367 – ₹386

Listing ExchangeBSE, NSE

RevenueApr 2024 - Mar 2025

₹258.18CrLower than sector avg

Lot size

32 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

13.95%Higher than sector avg

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 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

Compare

Companies in this sector

Titan Company Ltd

Kalyan Jewellers India Ltd

Thangamayil Jewellery Ltd

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

Compare with companies

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.

High revenue and store concentration

Reva’s business is concentrated heavily on the state of Maharashtra which contributed to more than 96% of revenue from FY23 to FY25 and nearly 98% in H1FY26. Out of 34 stores, 32 are in Maharashtra where five stores alone contributed 31.43% of revenue in H1FY26 and more than 43% in FY25. Though the focus has helped the brand gain regional depth, any shift in Maharashtra or at a few key stores can have an overproportionate impact on the sales, profitability and cash flows.

Dependence on corporate promoter PNGS

Nearly all its stores are set up as shop-in-shop format inside PNGS outlets with just one standalone company-owned store. Reva also relies on PNGS’s trademarks, store infrastructure and footfall. This close association, though has helped the brand in rapid growth, but in case any operational, financial or reputational issues arise at PNGS or at other brands inside the same stores can impact the footfall and the sales.

Structural threat from lab‑grown diamonds

The LGD jewellery market in India grew from ₹2,158.8 crore in CY22 to ₹2855.8 crore in CY24 on 0% import duty on LGD seeds. This could create a downside to natural diamonds and gemstones demand, hurting Reva sales, headcount and market share.

High inventory and supplier concentration

Inventory days are high at 316 in FY23, 364 in FY24 and 360 in FY25, indicating inventory cycles of almost a year. The top three LGD suppliers made up 30.74%, 30.14% and 26.45% of stock-in-trade purchases in FY24, FY25 and H1FY26 respectively. A demand miss or supply disruption with these vendors could pressure working capital, availability and gross margins.

Seasonality‑driven earnings volatility

Sales are highly seasonal on Akshay Tritiya, Dhanteras, Diwali, regional new years, Valentine’s Day and the wedding season. A weak festive or wedding cycle could adversely impact FY earnings/cash flows disproportionately. Seasonality also creates challenges in inventory and liquidity management. Interim earnings are therefore difficult to correlate with steady-state earnings.

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

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

Latest News on PNGS Reva Diamond Jewellery IPO

PNGS Reva Diamond Jewellery IPO: The issue will be entirely a fresh issuance of shares aggregating up to ₹450 crore, without an offer for sale (OFS) component.

3 min read

PNGS Reva Diamond Jewellery IPO: The Pune-based company's initial share sale is a completely fresh issue of equity shares aggregating to ₹380 crore, with no offer for sale component.

3 min read

PNGS Reva Diamond Jewellery IPO: The ₹380 crore initial share sale, with a price band of ₹367 to ₹386 per share, is a fresh issuance of 98 lakh shares, with no offer for sale (OFS) component.

3 min read

PNGS Reva Diamond Jewellery IPO: The ₹380 crore book-build issue is exclusively a fresh issuance of 98 lakh shares. There is no offer for sale component.

2 min read

PNGS Reva Diamond Jewellery IPO: The Pune-based company's initial share sale, with a price band of ₹367 to ₹386 per share, is solely a fresh issuance of equity shares valued at ₹380 crore with no offer for sale component.

2 min read

PNGS Reva Diamond Jewellery IPO allotment finalised: The Pune-based company's initial public offer was exclusively a fresh issue of equity shares totalling ₹380 crore with no offer for sale component. It had fixed a price band of ₹367 to ₹386 per share.

3 min read

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.