PNGS Reva Diamond Jewellery IPO subscribed 1.23 times on Final Day of Bidding

 The Initial Public Offering of PNGS Reva Diamond Jewellery was subscribed 1.23 times on the final day of bidding.

The issue received bids of 70,31,776 equity shares against the offered 57,06,235 equity shares, at a price band of Rs 367 to Rs 386 per share, according to data available on the stock exchanges.

Qualified Institutional Buyer (QIB) and Retail Portion was subscribed 1.04 times and 1.29 times respectively. Non-Institutional Investors (NII) Portion was subscribed 1.54 times. Whereas the Employee Reserved subscribed 6.74 times.

PNGS Reva Diamond Jewellery Ltd plans to market and promote 15 new stores to create local brand awareness and enhance visibility across various locations in India. The majority of these stores will be established in Tier-1 and select Tier-2 cities in Maharashtra, along with metro cities across the country.

In line with this strategy, the company intends to invest ₹286.56 crore to launch 15 new brand-exclusive stores across India. These proposed outlets will be set up on leased premises and will follow the Company-Owned, Company-Operated (COCO) model. Under this structure, the company will incur the capital expenditure towards store fit-outs, fixtures, furniture and related infrastructure, while store operations will be managed entirely by its employees.

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 26 Feb 2026 | 05:36:00 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 32,42,304 1.04 1(a) Foreign Institutional Investors (FIIs) - 10,36,224 - 1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - - 1(c) Mutual Funds - 1,29,504 - 1(D) Others - 20,76,576 - 2 Non Institutional Investors(NIIS) 15,51,555 23,88,224 1.54 2.1 Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) 10,34,370 16,77,888 1.62 2.1(a) Corporates - 98,368 - 2.1(b) Individuals (Other than RIIs) - 13,58,016 - 2.1(c) Others - 2,21,504 - 2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 5,17,185 7,10,336 1.37 2.2(a) Corporates - 20,672 - 2.2(b) Individuals (Other than RIIs) - 6,70,624 - 2.2(c) Others - 19,040 - 3 Retail Individual Investors (RIIs) 10,34,370 13,30,400 1.29 3(a) Cut Off - 11,23,488 - 3(b) Price Bids - 2,06,912 - 4 Employee Reserved 10,517 70,848 6.74 4(a) Employee (Cut off) - 61,760 - 4(b) Employee (Price) - 9,088 - 5 Reservation PortionShareholder - - - 5(a) RPS (Cut off) - - - 5(b) RPS (Price) - - - Total 57,06,235 70,31,776 1.23