PNGS Reva Diamond IPO: Price Band, Lot Size, Financials & Review
PNGS Reva Diamond IPO listed on BSE & NSE on Wed, 4 Mar 2026. The issue was subscribed 1.23x overall.
- Open Date
- 24 Feb 2026
- Close Date
- 26 Feb 2026
Last updated
- Price band
- ₹367 – ₹386
- Lot size
- 32 shares
- Min. investment
- ₹12,352
- Issue size
- ₹380 Cr
- Last GMP
- -₹20
- Subscribed
- 🔥 1.23x
PNGS Reva Diamond IPO details
PNGS Reva Diamond IPO is a ₹380 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE.
The issue was open from Tue, 24 Feb 2026 to Thu, 26 Feb 2026. Allotment was finalised on Fri, 27 Feb 2026, and the shares listed on BSE & NSE on Wed, 4 Mar 2026.
The price band is ₹367 to ₹386 per share and the lot size is 32 shares, so the minimum retail application is ₹12,352. Retail investors can apply for up to 16 lots (512 shares, ₹1,97,632).
Bigshare Services Pvt Ltd is the registrar, and Smart Horizon Capital Advisors Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last PNGS Reva Diamond IPO GMP before listing was -₹20 (-5.18% against the upper price band of ₹386), implying an estimated listing price of ₹366. Across 10 days of tracking, GMP ranged from -₹21 (02 Mar) to +₹9 (23 Feb).
| Last GMP | -₹20 |
|---|---|
| GMP vs upper band | -5.18% |
| Estimated listing price | ₹366 |
| Highest (23 Feb) | +₹9 |
| Lowest (02 Mar) | -₹21 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the PNGS Reva Diamond IPO day-wise GMP.
Subscription
Day-wise subscription →PNGS Reva Diamond IPO was subscribed 1.23x overall: QIB 1.04x, NII 1.54x and retail 1.29x.
| Category | Subscribed |
|---|---|
| QIB | 1.04x |
| NII | 1.54x |
| └ bNII (above ₹10 lakh) | 1.62x |
| └ sNII (₹2–10 lakh) | 1.37x |
| Retail | 1.29x |
| Employees | 6.74x |
| Total | 1.23x |
Final figures at the close of bidding on 26 Feb 2026. Category-wise bids, application-wise breakup and allotment chances are on the PNGS Reva Diamond IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 31,09,793 | 54.50% |
| Non-Institutional | 15,51,555 | 27.19% |
| └ BNII | 10,34,370 | 18.13% |
| └ SNII | 5,17,185 | 9.06% |
| Retail Investors | 10,34,370 | 18.13% |
| Employees | 10,517 | 0.18% |
| Total | 57,06,235 | 100.00% |
PNGS Reva Diamond IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹12,352 |
| Retail (Max) | 16 | 512 | ₹1,97,632 |
| S-HNI (Min) | 17 | 544 | ₹2,09,984 |
| S-HNI (Max) | 80 | 2,560 | ₹9,88,160 |
| B-HNI (Min) | 81 | 2,592 | ₹10,00,512 |
Amounts at the upper end of the price band.
Issue structure and valuation
P/E is not meaningful here because earnings per share is zero or negative.
Listed peers with positive earnings trade at a median P/E of 33.00x (3 companies).
Promoter holding falls from 87.45% before the issue to 60.31% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹35.21 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 10.96x |
| EPS (post-issue) EPS on the enlarged share capital | ₹0 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | — |
| Promoter holding (pre-issue) | 87.45% |
| Promoter holding (post-issue) | 60.31% |
PNGS Reva Diamond Jewellery Limited financials
Between 31 Mar 2024 and 31 Mar 2025, Income rose from ₹196.24 Cr to ₹259.11 Cr, and profit after tax rose from ₹42.41 Cr to ₹59.47 Cr. The PAT margin for 31 Mar 2025 was 22.95%.
| Period ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 352.70 | 226.84 | 158.33 | 123.93 |
| Total Income | 157.12 | 259.11 | 196.24 | 199.35 |
| Profit After Tax | 20.13 | 59.47 | 42.41 | 51.75 |
| Net Worth | 120.31 | 100.19 | -28.50 | -52.02 |
| Reserve & Surplus | 98.44 | 95.33 | -37.64 | -60.74 |
| Total Borrowings | 130.25 | 90.65 | 0.00 | 0.00 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 18.30 | 165.90 | -105.40 | -99.50 |
| ROCE % | 25.20 | 79.80 | -201.90 | 60.00 |
| Debt / Equity | 1.10 | 0.90 | 0.00 | 0.00 |
| RoNW % | 16.73 | 59.36 | -148.84 | -99.48 |
| Pat Margin % | 12.85 | 23.04 | 21.68 | 26.02 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| PNGS Reva Diamond Jewellery Ltd | 10 | — | 35.21 | 35.21 | 59.36% | 45.82 |
| Tribhovandas Bhimji Zaveri Ltd | 10 | 15.74 | 10.25 | 10.25 | 10.41% | 98.49 |
| Thangamayil Jewellery Ltd | 10 | 80.96 | 42.00 | 42.00 | 10.77% | 390.03 |
| Senco Gold Ltd | 10 | 33.00 | 10.09 | 10.08 | 8.09% | 120.37 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding expenditure towards setting-up of 15 New Stores |
| 2 | Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of our flagship brand, “Reva”, in their respective areas |
| 3 | General corporate purposes |
About PNGS Reva Diamond Jewellery Limited
PNGS Reva Diamond Jewellery Limited, incorporated in 2004, is engaged in the business of designing, retailing, and marketing diamond and gemstone-studded jewellery under the brand name “Reva.”
Business Overview
The company offers a wide range of jewellery crafted using diamonds and precious and semi-precious stones set in precious metals such as gold and platinum. Its product portfolio caters to diverse customer segments and occasions, including:
- Rings
- Earrings
- Necklaces
- Pendants
- Solitaires
- Bangles
- Bracelets
- Mangalsutras
- Nose rings
- Chains
As of September 30, 2025, the company had 13 distinct jewellery collections. Its product offerings are supported by an in-house design team and curated selections sourced from third-party manufacturers and skilled karigars.
Retail Network
As on the date of the Red Herring Prospectus (RHP), PNGS Reva Diamond Jewellery operated 34 stores across 25 cities in the states of Maharashtra, Gujarat, and Karnataka. The total retail area aggregated to 647.15 running feet.
Business Model
The company operates its stores under multiple models, including:
- FOCO (Franchise Owned, Company Operated)
- FOFO (Franchise Owned, Franchise Operated)
- COCO (Company Owned, Company Operated)
Through its diversified product portfolio and flexible retail operating models, the company aims to expand its presence in key regional markets while maintaining brand consistency and operational efficiency.
Promoters
- P.N. Gadgil & Sons Limited
- Govind Vishwanath Gadgil
- Renu Govind Gadgil
Contact details
PNGS Reva Diamond Jewellery Ltd.
Abhiruchi Mall,59/1 C,
Sinhgad Road, Wadgaon Budruk,
Pune, Maharashtra, 411041
Phone: +91 020-29980704
Email: investor@revabypng.com
Website: https://www.revabypng.com/
PNGS Reva Diamond IPO FAQs
- What is the PNGS Reva Diamond IPO price band?
- The PNGS Reva Diamond IPO price band is ₹367 to ₹386 per share.
- What is the PNGS Reva Diamond IPO lot size and minimum investment?
- The PNGS Reva Diamond IPO lot size is 32 shares. The minimum retail investment is ₹12,352 for one lot at the upper price band. Retail investors can apply for up to 16 lots (512 shares), costing ₹1,97,632.
- When was PNGS Reva Diamond IPO open for subscription?
- PNGS Reva Diamond IPO was open for subscription from Tue, 24 Feb 2026 to Thu, 26 Feb 2026.
- What is the PNGS Reva Diamond IPO subscription status?
- PNGS Reva Diamond IPO was subscribed 1.23x overall: QIB 1.04x, NII 1.54x and retail 1.29x. Day-wise and category-wise figures are on the subscription page.
- What was the PNGS Reva Diamond IPO GMP before listing?
- The last PNGS Reva Diamond IPO GMP before listing was -₹20 (-5.18% against the upper price band of ₹386), implying an estimated listing price of ₹366. Across 10 days of tracking, GMP ranged from -₹21 (02 Mar) to +₹9 (23 Feb). GMP is an unofficial grey market indicator and can change quickly.
- What is the PNGS Reva Diamond IPO allotment date?
- The PNGS Reva Diamond IPO basis of allotment was finalised on Fri, 27 Feb 2026. You can check your allotment status on the Bigshare Services Pvt Ltd website.
- What is the PNGS Reva Diamond IPO listing date?
- PNGS Reva Diamond IPO listed on BSE & NSE on Wed, 4 Mar 2026.
- Who are the registrar and lead managers of the PNGS Reva Diamond IPO?
- The registrar for the PNGS Reva Diamond IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Smart Horizon Capital Advisors Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.