Reva Diamonds IPO to open on February 24, offer size reduced; listing likely on March 4

P N Gadgil & Sons-promoted retail focused jewellery brand PNGS Reva Diamond Jewellery has filed Red Herring Prospectus with the Registrar of Companies on February 10 intimating the IPO is opening on February 24 and closing on February 26. The IPO anchor book will be launched for a day on February 23. The IPO share allotment will be finalised by February 27, while the trading in Reva Diamonds shares will commence on the bourses effective March 4. The Pune-based company that makes jewellery using diamond and precious and semi-precious stones is raising Rs 380 crore via initial public offering (IPO) which consists of solely fresh issue component. The offer size has been reduced from Rs 450 crore planned earlier as per the Draft Red Herring Prospectus filed in June 2025. The company has reserved 75 percent of its offer size for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 10 percent shares for retail investors. Click Here To Read All IPO News Reva Diamonds will spend Rs 286.5 crore of IPO proceeds for setting-up of 15 new brand-exclusive stores across India with a focus of targeting in Tier-1 cities and selectively exploring Tier-2 cities in Maharashtra and other metro cities in India. Further, Rs 35.4 crore will be utilised for marketing and promotional expenses, and the remainder funds for general corporate purposes. As per the business transfer agreement dated January 31, 2025, P N Gadgil & Sons has divested its diamond business in favour of PNGS Reva Diamond Jewellery via a slump sale. Currently, PNGS Reva Diamond Jewellery has 34 stores in Maharashtra, Karnataka and Gujarat including one brand-exclusive store which is operated under COCO (company owned company operated) model, while the remainder 33 stores are currently in the shop-in-shop format operating within the premises of the retail stores operated by promoter P N Gadgil & Sons. On the financial front, the company reported profit at Rs 59.5 crore for financial year ended March 2025, growing 40.2 percent from Rs 42.4 crore in previous fiscal. Revenue during the same fiscals soared 32 percent to Rs 258.2 crore, from Rs 195.6 crore. Further, in six months period ended September 2025, profit stood at Rs 20.1 crore on revenue of Rs 156.7 crore. Smart Horizon Capital Advisors is acting as the merchant banker for the PNGS Reva Diamond Jewellery IPO.