PNGS Reva Diamond Jewellery IPO subscribed 83% on Day 2 of IPO

Issue closes on Thursday, February 26, 2026, for bidding

The Initial Public Offering of PNGS Reva Diamond Jewellery was subscribed 0.83 times on the second day of bidding, demonstrating strong demand from qualified institutional buyers and retail investors for this IPO.

The issue received bids of 47,23,424 equity shares against the offered 57,06,235 equity shares, according to data available on the stock exchanges.

Qualified Institutional Buyer (QIB) and Retail Portion was subscribed 0.96 times and 0.66 times respectively. Non-Institutional Investors (NII) Portion was subscribed 0.65 times. Whereas the Employee Reserved subscribed 4.74 times.

The issue kicked off for subscription on Tuesday, February 24, 2026, and will close for subscription on Thursday, February 26, 2026. 

Leading brokerage firms like Adroit Financial, Lakshmishree and Marwadi Shares and Finance have given their “Subscribe” recommendation to PNGS Reva Diamond Jewellery, which is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones, that are studded into precious metals such as gold and platinum.

Brokerage reports highlight the company’s strong fundamentals and brand backing from its 190-year-old promoter, P. N. Gadgil & Sons Limited, ensuring trust and industry expertise.

Adroit Financial notes its reasonable valuation at a P/E of 20.6, lower than key peers. Lakshmishree emphasises its focus on affordable luxury diamonds, delivering ~30% EBITDA margins, and plans to use ₹380 crore IPO proceeds to expand 15 exclusive showrooms beyond Maharashtra.

Marwadi Shares and Finance values the IPO at ~21x FY25 EPS, competitive versus peers like Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited, recommending a Subscribe rating for long-term growth.

Company Information

The company is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones, which are studded into precious metals such as gold and platinum. It also retails plain platinum jewellery including rings, bracelets and chains. The company’s products are sold under the flagship brand, Reva.

The company’s corporate promoter, P. N. Gadgil & Sons Limited was originally involved in the business of gold jewellery, silver jewellery, idols and other silverware, diamonds and diamond jewellery and other gemstones jewellery and related gift items. Pursuant to a

business transfer agreement dated January 31, 2025, its corporate promoter, P. N. Gadgil & Sons Limited undertook a strategic move with a disinvestment via a slump sale of their diamond business in favour of the company (Business Transfer Agreement). This restructuring led to the establishment of the company as an independent business entity, allowing it to carve out its distinct identity in the market while continuing to operate in the diamond jewellery industry.

Its revenue from operations was Rs 156.7 crore during the first six months of FY26, and its net profit was Rs 20.1 crore.

Its revenue from operations was Rs 258 crore during FY25 vis-a-vis Rs 195.6 crore a year earlier. Net profit was Rs 59.4 crore during FY25 vis-a-vis Rs 42.4 crore a year earlier.

The table below shows subscription data for all the categories of investors:

PNGS Reva Diamond Jewellery Limited Last updated on 25 Feb 2026 | 05:00:00 PM Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category 1 Qualified Institutional Buyers (QIBs) 31,09,793 29,80,768 0.96 1(a) Foreign Institutional Investors (FIIs) - 10,36,224 - 1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - - 1(c) Mutual Funds - - - 1(D) Others - 19,44,544 - 2 Non Institutional Investors(NIIS) 15,51,555 10,12,384 0.65 2.1 Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) 10,34,370 8,49,248 0.82 2.1(a) Corporates - 72,512 - 2.1(b) Individuals (Other than RIIs) - 6,65,280 - 2.1(c) Others - 1,11,456 - 2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 5,17,185 1,63,136 0.32 2.2(a) Corporates - 2,176 - 2.2(b) Individuals (Other than RIIs) - 1,58,784 - 2.2(c) Others - 2,176 - 3 Retail Individual Investors (RIIs) 10,34,370 6,80,384 0.66 3(a) Cut Off - 5,72,672 - 3(b) Price Bids - 1,07,712 - 4 Employee Reserved 10,517 49,888 4.74 4(a) Employee (Cut off) - 44,960 - 4(b) Employee (Price) - 4,928 - 5 Reservation PortionShareholder - - - 5(a) RPS (Cut off) - - - 5(b) RPS (Price) - - - Total 57,06,235 47,23,424 0.83