After P N Gadgil, PNGS Reva Diamond Jewellery to debut on bourses; firm files IPO papers to raise ₹450 crore. Key details

The jewellery company has filed preliminary papers with the capital market regulator to seek its approval to raise ₹450 crore through an initial public offering (IPO).

The Pune-based company's IPO is entirely a fresh issue of equity shares, according to the draft red herring prospectus (DRHP) filed on Tuesday, June 17.

Proceeds of the issue to the tune of ₹286.56 crore will be used for setting up 15 new stores by fiscal year 2028; ₹35.40 crore for marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, "Reva", and a portion will be used for general corporate purposes.

PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale.

This transfer allowed PNGS Reva to become a separate company with its own identity while still operating in the diamond jewellery market.

It is a retail-focused jewellery brand involved in the business of selling a wide range of jewellery. As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.

On the financial front, PNGS Reva Diamond Jewellery's revenue from operations grew by 32% to ₹258.18 crore in fiscal year 2025, from ₹195.63 crore in the preceding fiscal, and profit rose by 40% to ₹59.47 crore in fiscal 2025, from ₹42.41 crore in the previous fiscal.

Smart Horizon Capital Advisors is the sole book-running lead manager of the issue. The equity shares are proposed to be listed on the NSE and BSE.

PN Gadgil Jewellers IPO and listing details

Shares of jewellery retail chain PN Gadgil Jewellers Ltd made a remarkable market debut on September 17, 2024, as the stock listed with a premium of nearly 74% against the issue price of ₹480.

The stock made its debut at ₹834, surging 73.75% from the issue price on the BSE. Later, it jumped 75.79% to ₹843.80.

On the NSE, shares of the firm listed at ₹830, soaring 72.91%.

The initial public offering (IPO) of PN Gadgil Jewellers Ltd received 59.41 times subscription on the last day of bidding.

The ₹1,100 crore initial share sale had a price band of ₹456-₹480 per share.

The Maharashtra-based company's IPO had a combination of a fresh issue of equity shares worth up to ₹850 crore and an offer-for-sale (OFS) of equity shares to the tune of ₹250 crore by promoter SVG Business Trust.

The company's products are primarily sold under its flagship brand, 'PNG', and various sub-brands through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces, including websites.