PNGS Reva Diamond Jewellery IPO

PNGS Reva Diamond Jewellery IPO is a book-building IPO of ₹380 crore, an entire fresh issue of shares. The price band is set at ₹367 to ₹386 and the lot size for an application is 32. The minimum payment of investment required by an individual investor (retail investor) is ₹12,352 (32 shares). The IPO opens for subscription from February 24, 2026, to February 26, 2026, on the BSE and NSE platforms, with a tentative listing date fixed as March 4, 2026.

Company Background

PNGS Reva Diamond Jewellery Ltd., incorporated in 2004, offers a variety of types of jewelry made up of diamonds and precious (semi or full) stones. All product offerings are operated under the name of “Reva” and also offer a wide range of products, including rings, earrings, etc. (mainly from a female customer perspective). As of Q2 of FY26, this company has 13 distinct jewelry collections that include in-house designs and curated selections from 3rd-party manufacturers and Kargiars. Now, the ‘Reva’ brand has established its presence in 34 stores and 25 cities in the states of Maharashtra, Gujarat, and Karnataka.

Operations & Product Range

Facility & Production

PNGS Reva Diamond Jewellery Ltd. operates an asset-light, retail-focused production model through a network of 34 stores across 25 cities in Maharashtra (the trading & export), Gujarat (the Diamond Factory), and Karnataka (the Gold Mine & Design Center). Its production strategy leverages a worldly-wise mix of in-house designers and skilled "Karigars" alongside third-party design teams to create over 13 distinct jewelry collections. With this IPO, the company plans to expand its 15 new brand-exclusive retail outlets to enhance direct production-to-market efficiency.

Brand & Market Presence

Operating under the flagship brand “Reva,” the company targets the mass-premium "affordable luxury" segment with diamond and gemstone jewellery starting at ₹10,000. Backed by the 190-year legacy of P.N. Gadgil & Sons, the brand has established a strong regional footprint in Western India. It currently commands a significant market presence through a combination of standalone stores and strategic shop-in-shop formats within established promoter outlets.

Revenue Channels

PNGS Reva Diamond Jewellery Ltd. generates revenue through 3 primary, distinct streams:

• • (Franchisee-Owned Company-Operated) FOCO Model: Stores where PNGS Reva manages inventory and operations directly.

• • (Franchisee-Owned Franchisee-Operated) FOFO Model: Outlets where inventory is transferred to the promoter for retail.

• • Digital sales via their e-commerce platform and social commerce integrations (WhatsApp/Instagram) to target millennial and urban buyers.

Management & Shareholding

Promoter & Shareholding

The promoter group consists of P.N. Gadgil & Sons Ltd., Govind Vishwanath Gadgil, and Renu Govind Gadgil. Before the IPO, it collectively held a dominant 87.45% stake in the company. While the offer is a completely fresh issue of shares that leads to no dilution in the ownership of previous shareholders.

Board Members

The Board Members of PNGS Reva Diamond Jewellery Ltd. comprise 6 key members, blending deep industry experience with independent oversight. Chairman Govind Vishwanath Gadgil and CEO Amit Yeshwant Modak lead the strategy, supported by Non-executive Director Aditya Amit Modak. Independent Directors Ranjeet Sadashiv Natu, Ravindra Kamalakar Lale, and Aparna Prasad Purohit ensure strong governance across the Audit and Stakeholder committees.