Fibe Aims for ₹1,500 Crore IPO, Eyes Billion-Dollar Valuation by 2026...
08 Aug, 2025
India's jewellery retail sector has been gaining momentum over the last few years and to make the most out of this growing sector, PNGS Reva Diamond Jewellery based in Pune has filed its DRHP. The company has filed its IPO papers with SEBI to raise approximately ₹450 crore. The IPO proceeds will be used to fund the expansion plans so that it can establish itself as a prominent player in the competitive diamond and precious jewellery market.
According to the DRHP filed on June 18, 2025, the IPO will comprise solely a fresh issue of equity shares, each with a face value of ₹10. The company intends to allocate ₹286.56 crore from the proceeds to establish 15 new stores by the end of FY 2028, marking a major push into new markets and strengthening its retail footprint. An additional ₹35.40 crore will be dedicated to marketing and promotional activities to boost the visibility of its flagship brand, “Reva,” particularly in new geographies. The remainder of the funds will be used for general corporate purposes.
The IPO will be conducted via the book-building route, with 75% of the net issue reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 10% for retail individual investors.
PNGS Reva Diamond Jewellery emerged as a distinct entity following a strategic slump sale by its corporate promoter, P.N. Gadgil & Sons Limited, earlier this year. The restructuring saw P.N. Gadgil & Sons divest its diamond jewellery business, enabling PNGS Reva to operate independently while maintaining its legacy in the diamond and precious jewellery space. Promoters currently hold 87.4% of the company, including a 19.24% stake by P.N. Gadgil & Sons, while public shareholders own 12.55%.
PNGS Reva has carved a niche for itself by offering jewellery that blends traditional craftsmanship with contemporary designs. The brand’s portfolio includes a wide range of diamond, precious and semi-precious stone jewellery set in gold and platinum, catering to both daily wear and special occasions. The company’s product range starts at approximately ₹20,000 and extends to high-value bespoke pieces, appealing to a diverse customer base.
The brand’s collections are developed through a combination of in-house design and third-party manufacturing, ensuring both exclusivity and scalability.
As of March 31, 2025, PNGS Reva operated 33 shop-in-shop outlets across 25 cities in Maharashtra, Gujarat and Karnataka. The company employs a hybrid retail model, utilizing both FOCO (franchise-owned, company-operated) and FOFO (franchise-owned, franchise-operated) formats, which enables rapid expansion with controlled capital outlay. The total retail space currently stands at 599.15 running feet, with the upcoming stores expected to significantly increase this footprint.
The company’s financials reflect its strong growth trajectory. For the fiscal year ending March 2025, PNGS Reva reported a 31.97% increase in revenue from operations to ₹258.18 crore, up from ₹195.63 crore in the previous year. Net profit surged 40.22% to ₹59.47 crore, compared to ₹42.41 crore in FY2024, underscoring the brand’s operational efficiency and market acceptance.
Smart Horizon Capital Advisors has been appointed as the sole book-running lead manager for the issue, while Bigshare Services will serve as the registrar. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), providing liquidity and visibility to investors.
The IPO will be an important milestone for PNGS Reva Diamond Jewellery as it seeks to capitalize on rising consumer demand for branded jewellery and the ongoing formalization of India’s jewellery sector. With a clear strategy focused on expansion, brand building and product innovation, PNGS Reva is positioning itself to be a key player in the country’s evolving luxury retail landscape.
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