Synopsis
PNGS Reva Diamond Jewellery’s Rs 380 crore IPO enters Day 2 with 59% subscription and a grey market premium of Rs 4–5, implying modest listing gains. While institutional participation remains strong, retail demand is moderate. Brokerages remain divided, balancing healthy margins against valuation and execution risks.
The Rs 380 crore IPO of PNGS Reva Diamond Jewellery has entered its second day of bidding. The grey market premium suggests modest listing gains of around 1%, or Rs 4–5 above the issue price of Rs 386. The IPO is scheduled to close on February 26.
On Day 1, the issue was subscribed 59% against the total offer of 57.06 lakh shares. Demand was largely driven by Qualified Institutional Buyers, who subscribed 92% of their allotted portion, while the retail segment saw a 37% subscription.
PNGS Reva Diamond Jewellery IPO GMP today
As of February 25, 2026, the grey market premium for PNGS Reva Diamond Jewellery’s IPO stands at Rs 4–5 per share, implying a premium of around 1% over the upper price band of Rs 386.
Based on the current GMP trend, the estimated listing price is projected to be in the range of Rs 390–391 per share.
Live Events
PNGS Reva Diamond Jewellery IPO subscription status
On Day 1, PNGS Reva Diamond Jewellery’s IPO was subscribed 59% of the total 57.06 lakh shares on offer.
Retail Individual Investors: 37% subscription of 10.34 lakh shares.
Non-Institutional Investors: 7% subscription of 15.51 lakh shares.
Qualified Institutional Buyers: 92% subscription of 15.51 lakh shares.
PNGS Reva Diamond Jewellery IPO details
PNGS Reva Diamond Jewellery’s IPO is a fully fresh issue worth Rs 380 crore.
The issue will close on February 26, 2026, and is slated to list on the BSE and NSE on March 4, 2026. At the upper end of the price band, the company’s pre-IPO market capitalisation is estimated at around Rs 1,224 crore.
The allotment is expected to be finalised on February 27, 2026. Investors can bid for a minimum of 32 shares, amounting to Rs 12,352, while retail investors can apply for up to 512 shares.
The IPO allocation is structured as follows: at least 75% for Qualified Institutional Buyers, up to 15% for Non-Institutional Investors, and up to 10% for Retail Investors.
PNGS Reva Diamond Jewellery business profile & expansion plans
PNGS Reva Diamond Jewellery is a retail focused jewellery company specialising in diamond, precious and semi-precious stone studded jewellery in gold and platinum, along with plain platinum jewellery, marketed under its flagship brand Reva. The company has its roots in PN Gadgil and Sons and currently operates 34 stores across Maharashtra, Gujarat and Karnataka.
The IPO proceeds will primarily be used to fund the opening of 15 new stores, support marketing and promotional activities for these launches, and meet general corporate purposes. Of the total proceeds, Rs 286.56 crore is earmarked for store expansion, while Rs 35.40 crore will be spent on marketing for the new store launches.
Financial performance
On the financial front, PNGS Reva Diamond Jewellery reported revenue of Rs 259.11 crore in FY25, up from Rs 196.24 crore in FY24. Net profit for FY25 stood at Rs 59.47 crore, compared with Rs 42.41 crore in FY24. The company’s EBITDA margin was 30.7% in FY25, while basic EPS for the year was Rs 35.21.
Based on FY25 earnings, the company’s pre-IPO price-to-earnings ratio is approximately 10.96 times, positioning it below certain listed peers in the organised jewellery sector. However, direct comparisons are limited due to differences in scale and business models.
Also read: Fading vibes: Internet stocks slump up to 28% in 2026 but Paytm, Groww, 5 more earn brokerages’ backing post Q3
Brokerage views
Adroit Financial Services has recommended a Subscribe rating for the IPO. In its note, it said the company has demonstrated consistent revenue growth along with improving profitability on a year on year basis. While it described the issue as appearing aggressively valued at first glance, it added that superior EBITDA margins and stronger operating metrics compared with peers make the valuation appear justified.
On the other hand, Swastika Investmart has assigned an Avoid rating. It said that although the business has shown consistent growth and improving profitability, the IPO may be avoided for short term or listing gains, especially for investors focused on predictable margin stability and geographic diversification.
Key risks highlighted include heavy revenue dependence on Maharashtra, competition from lab grown diamonds, reliance on key suppliers and execution risks in scaling up new stores.
With GMP indicating around 1% potential listing gains, expectations of sharp debut returns appear limited. The company’s strong margins and promoter legacy support its long term growth narrative, especially with an aggressive store expansion strategy.
However, investors must weigh regional concentration risks and rising competition in the diamond jewellery segment. Divergent brokerage recommendations reflect the balance between healthy profitability metrics and concerns over valuation and execution.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times.)
(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless
(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless
India seeks self-reliance in containers; but has The Great Wall to climb
Jyoti Structures bankruptcy shows how revival can drag for nearly a decade
How IndiGo-Air India duopoly is causing turbulence at MakeMyTrip, peers
India’s post-pandemic K-shaped recovery is flattening. Here’s why
Stock Radar: Aster DM Healthcare stock recovers from lows; reclaims crucial moving averages – time to buy?
Buy, Sell or Hold: Motilal Oswal remains neutral on IDFC First Bank; Morgan Stanley maintains underweight on Urban Company
1
2
3
