Table of content
PNGS Reva Diamond Jewellery IPO: Issue Date, Lot Size, Price, Everything You Need to Know
PNGS Reva Diamond Jewellery, a premium diamond and precious stone jewellery brand carrying forward the 190-year legacy of P.N. Gadgil & Sons is preparing for its main-board IPO after SEBI approval in October, 2025. Established in 2025 through a business transfer from its promoter, Reva specialises in designer and customisable pieces set in gold and platinum, operating 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka as of March 2025. The company follows an asset-light shop-in-shop model (FOCO/FOFO) within promoter outlets, focusing on metro and Tier-1 cities for branded premium jewellery.
The PNGS Reva Diamond IPO is a fresh issue of equity shares aggregating up to ₹450 crore (no OFS), with net proceeds of ₹286.56 crore allocated for setting up 15 new brand-exclusive stores by FY28 (targeting Tier-1 and select Tier-2 cities), ₹35.40 crore for marketing/promotional expenses to boost "Reva" brand visibility, and the balance for general corporate purposes. Shares are proposed to list on BSE and NSE, managed by sole book-running lead manager Smart Horizon Capital Advisors, enabling retail access to organised jewellery growth.
This guide covers the PNGS Reva Diamond IPO comprehensively, including the PNGS Reva Diamond IPO date (once announced), business overview, financials, sector trends, PNGS Reva Diamond valuation context, and tracking PNGS Reva Diamond IPO subscription, PNGS Reva Diamond IPO subscription status, and PNGS Reva Diamond allotment status.
PNGS Reva Diamond IPO Dates & Launch Details
Official dates for the IPO have not been announced as of now.
- IPO opening date: To be announced
- IPO closing date: To be announced (Typically three days after opening)
- Basis of allotment: To be announced (Within 3 working days post closure)
- Refund initiation: To be announced (Shortly after basis of allotment)
- Expected listing date: To be announced (Usually within a week following allotment finalisation)
Lead Book Running Managers: Smart Horizon Capital Advisors.
Registrar: Bigshare Services.
PNGS Reva Diamond Price Band & Investment Details
The price band will be fixed closer to the PNGS Reva Diamond IPO date based on market conditions and updated financials.
- Price band: To be announced (Face value likely to be ₹10 per share)
- Minimum lot size: To be announced
- Minimum investment: To be announced
- Maximum retail investment: To be announced
For the latest price band and bidding details, always refer to the RHP and the IPO pages on NSE, BSE and reliable broker platforms like m.Stock.
PNGS Reva Diamond IPO Structure
Detail | Information |
|---|---|
Issue Type | Book-built IPO. 100% Fresh Issue (No OFS) |
Total Issue Size | Approx ₹450 crore |
Fresh Issue Value | Approx ₹450 crore |
OFS Shares | None |
Reservations | QIB: up to 75%, NII: 15%, Retail: 10% (standard) |
Listing Exchanges | |
Registrar | Bigshare Services Pvt. |
Lead Manager | Smart Horizon Capital Advisors Pvt. |
About PNGS Reva Diamond
PNGS Reva Diamond Jewellery (Reva) offers diamond and gemstone-studded jewellery in gold/platinum, blending heritage craftsmanship with modern designs via its flagship "Reva" brand. As of March 2025, it runs 33 shop-in-shop stores in 25 cities using an asset-light model within P.N. Gadgil outlets, emphasising exclusivity and customisation for premium customers.
Key Highlights:
- Carries 190-year legacy from promoter P.N. Gadgil & Sons via 2025 business transfer, focusing on organised branded diamond jewellery
- Operates in high-growth metros/Tier-1 cities through FOCO (Franchise-Owned, Company-Operated) and FOFO (Franchise-Owned, Franchise-Operated) formats, minimising capex while controlling brand experience
- Targets expansion to 15 new exclusive stores by FY28, funded by IPO proceeds
- Benefits from rising organised jewellery penetration and consumer shift to branded premium products
Reva's promoter-backed model and store expansion plans position it for scale in India's jewellery retail consolidation.
PNGS Reva Diamond Financials
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
FY ‘25 | 258.20 | 59.50 |
FY ‘24 | 195.60 | 42.40 |
FY ‘23 | 198.80 | 51.70 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
FY ‘25 | 39.00 | 39.40 |
FY ‘24 | 18.40 | 18.40 |
FY ‘23 | 39.50 | 39.50 |
Key Highlights:
- Revenue from operations dipped slightly from ₹198.80 crore in FY23 to ₹195.60 crore in FY24 before rebounding to ₹258.20 crore in FY25, reflecting steady demand for branded diamond jewellery amid store expansion.
- Net profit remained robust at ₹51.70 crore in FY23, moderated to ₹42.40 crore in FY24, and recovered strongly to ₹59.50 crore in FY25 with margins expanding from 28.7% to 30.8%, indicating pricing power and efficiency gains.
- Operating cash flows and free cash flows align closely and stay positive across FY23–FY25 (₹18.40–₹39.50 crore), signalling healthy cash conversion in a capital-light retail model with minimal capex needs.
Sector & Market Context
India's organised jewellery sector is growing at 20%-25% CAGR, driven by rising incomes, brand preference, and shift from unorganised players to premium branded formats. Diamond jewellery demand benefits from weddings, gifting, and investment trends, with retailers like Reva gaining from exclusivity and trust. Regulatory push for hallmarking and GST compliance further favours organised chains, though gold price volatility and competition remain key variables.
Key Considerations for Investors
Strengths
- Consistent profitability with 28-35% margins and positive cash flows across FY23–FY25, supported by asset-light shop-in-shop model
- Promoter heritage from 190-year-old P.N. Gadgil & Sons provides instant credibility and retail infrastructure synergies
- IPO-funded 15 new stores target high-potential Tier-1/Tier-2 expansion
Risks
- Dependence on promoter group outlets for current footprint creates execution risks if synergies falter
- Gold/diamond price fluctuations and inventory holding costs can impact margins
- Intense competition from national chains and regional players in premium segment
Opportunities
- Store rollout to 48+ outlets by FY28 unlocks revenue scale in under-penetrated branded diamond space
- Marketing spend enhances "Reva" brand visibility amid rising aspirational demand
- Customisation and exclusivity trends favour differentiated premium jewellers
IPO Structure
- The ₹450 crore PNGS Reva Diamond IPO is entirely fresh issue (no OFS), with ₹286.56 crore for 15 new exclusive stores, ₹35.40 crore for launch marketing to build "Reva" awareness, and balance for corporate needs, directly funding growth without promoter dilution.
- Standard book-built reservations apply, with NSE/BSE listing for liquidity.
About the Company
PNGS Reva Diamond Jewellery (Reva) delivers premium diamond/gemstone jewellery with custom design options, leveraging promoter P.N. Gadgil's legacy through an efficient shop-in-shop network. Its focus is scaling branded presence via owned stores funded by IPO capital.
PNGS Reva Diamond Final Review
The PNGS Reva Diamond IPO taps organised jewellery's structural shift, backed by strong FY25 profitability (₹59.50 crore, 30.8% margins) and expansion plans, yet requires monitoring gold volatility and execution. Review final PNGS Reva Diamond valuation in RHP.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
What is the size and structure of the PNGS Reva Diamond IPO?
The PNGS Reva Diamond IPO totals ₹450 crore and is structured entirely as a fresh issue with no offer for sale component. All proceeds will remain with the company to support expansion plans.
When is the PNGS Reva Diamond IPO date and listing details?
The PNGS Reva Diamond IPO date has not yet been announced, but once finalised, the opening and closing dates will be published through stock exchange notices. Shares are proposed to list on BSE and NSE shortly after allotment.
What does PNGS Reva Diamond do?
PNGS Reva Diamond Jewellery retails premium diamond and gemstone jewellery set in gold and platinum through its "Reva" brand. It operates 33 shop-in-shop stores across 25 cities using an asset-light model within promoter group outlets.
How has PNGS Reva Diamond performed financially?
Revenue from operations reached ₹258.20 crore in FY25, up from ₹195.60 crore in FY24, while net profit grew to ₹59.50 crore with 30.8% margins. The company has maintained positive cash flows throughout FY23–FY25.
What influences PNGS Reva Diamond valuation?
PNGS Reva Diamond valuation will be determined by factors such as store expansion plans, profitability margins, brand positioning, gold price trends, and comparison with peer jewellery retailers at the time of pricing.
How to apply for the PNGS Reva Diamond IPO?
Retail investors can apply online using UPI or ASBA through their demat account during the subscription window. On a platform like m.Stock, simply select the PNGS Reva Diamond IPO, choose the number of lots, link your UPI ID, and approve the payment mandate.
How to track PNGS Reva Diamond IPO subscription status?
Investors can track PNGS Reva Diamond IPO subscription status live on the NSE and BSE websites during the issue period. Platforms like m.Stock provide category-wise updates in an easy-to-view dashboard format.
What risks face PNGS Reva Diamond IPO?
Key risks include fluctuations in gold and diamond prices, dependence on the promoter group for store locations, competition from other premium jewellery brands, and execution challenges during the planned store rollout.
How will IPO proceeds be used?
Proceeds will fund ₹286.56 crore toward setting up 15 new brand-exclusive stores by FY28, ₹35.40 crore for marketing and promotional activities to build the "Reva" brand, with the balance allocated to general corporate purposes.
How to check PNGS Reva Diamond allotment status?
After the basis of allotment is finalised, investors can check PNGS Reva Diamond allotment status on the registrar's portal using their PAN, DP ID, or application number. Links will also be available on NSE, BSE, and broker platforms.