PNGS Reva Diamond Jewellery IPO 2026 – Review, GMP & Analysis

PNGS REVA DIAMOND JEWELLERY LTD – COMPANY BACKGROUND

PNGS Reva Diamond Jewellery Ltd is a jewellery company belonging to the Gadgil group, and offers different types of jewellery made of diamonds and other precious and semi-precious stones. These stones are studded into gold or platinum. All these products are offered under the brand of “Reva”. Its product portfolio include rings, ear-rings, necklaces, pendants, solitaires, bangles, bracelets, nose rings, chains, and Mangal Sutras. PNGS Reva Diamond Jewellery also has an in-house design team and curated selections from third party manufacturers. It has 34 outlets across 25 cities in India, principally across the states of Gujarat, Maharashtra, and Karnataka. It runs stores on owned and franchised model.

PNGS Reva Diamond Jewellery Ltd has been promoted by PN Gadgil & Sons Ltd, Govind Vishwanath Gadgil, and Renu Govind Gadgil. The fresh funds raised in the IPO will be used for funding the capex towards opening of 15 new stores; as well as marketing and branding expenses to promote the product and the brand. The issue is being lead-managed by Smart Horizon Capital Advisors Private Ltd; while Bigshare Services Private Ltd will be the registrars to the IPO.

HIGHLIGHTS OF THE IPO ISSUE OF PNGS REVA DIAMOND JEWELLERY LTD

Here are the key highlights of the public issue of PNGS Reva Diamond Jewellery Ltd.

1. The IPO of will be open from February 24th, 2026 to February 26th, 2026. It has a face value of ₹10 per share and IPO price band is set in range of ₹367 to ₹386 per share.
2. The IPO of PNGS Reva Diamond Jewellery Ltd will entirely be a fresh issue of shares and there will be no offer for sale (OFS) component in the IPO.
3. The Fresh issue portion comprises the issue of 1,01,25,435 shares (101.25 lakh shares), which at the upper price band of ₹386 per share translates into ₹390.84 crore.
4. Since there is no OFS portion, the overall IPO will also comprise of the fresh issue portion of 1,01,25,435 shares (101.25 lakh shares), which at the upper price band of ₹386 per share translates into ₹390.84 crore.

The IPO of PNGS Reva Diamond Jewellery Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on February 23, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of PNGS Reva Diamond Jewellery Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of PNGS Reva Diamond Jewellery Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 32 shares)

FINANCIAL HIGHLIGHTS OF PNGS REVA DIAMOND JEWELLERY LTD

The table captures the key financials of PNGS Reva Diamond Jewellery Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Due to substantial changes in the capital on account of bonus issue and the negative capital reserves in the previous years, the EPS of previous years are not comparable (NC) with the latest year EPS of ₹35.21 for FY25. In terms of net profit margins, the company has kept that stable above 23% on an average in the last 3 years. Even EBITDA margins have ranged in the region of 28% to 30% over the last 3 years.

VALUATION METRICS OF THE PNGS REVA DIAMOND JEWELLERY LTD IPO

At the IPO price of ₹386 per share, the indicative P/E comes to about 11.0X at the latest year EPS of ₹35.21 per share. This is lower than the valuation that many other jewellery companies are getting in the market, but in the case of PNGS Reva Diamond Jewellery Ltd, there is only one year of EPS data, so valuations may not be entirely conclusive.

The EPS for the first half of the current fiscal FY26 is relatively much lower. However, the company does bring some advantages to the table. For instance, the Gadgil group has a strong reputation in the jewellery business in the Western part of India. It has a diversified product portfolio with numerous price points to cater to a variety of clients. With precious metals staying buoyant in the face of global uncertainty, investors can look at this IPO as a proxy to play the precious metals story.

A BRIEF ON THE ANCHOR ALLOCATION OF PNGS REVA DIAMOND JEWELLERY LTD

The anchor issue of PNGS Reva Diamond Jewellery Ltd saw a strong response on 23rd February 2026 with 43.64% of the IPO size absorbed by anchors. Out of 1,01,25,435 shares (101.25 lakh shares) on offer in the IPO, anchors picked up 44,19,200 shares (44.19 lakh shares) accounting for 43.64% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹386 per share. This includes the face value of ₹10 per share plus a share premium of ₹376 per share. The anchor bidding process opened and closed on 23rd February 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of PNGS Reva Diamond Jewellery Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

ANCHOR ALLOCATION INVESTORS IN PNGS REVA DIAMOND JEWELLERY LTD

On 23rd February 2026, PNGS Reva Diamond Jewellery Ltd allotted 44,19,200 shares to 16 anchor investors. The allocation was done at the upper IPO price band of ₹386 per share which resulted in overall anchor allocation of ₹170.58 crore. The anchors have already absorbed 43.64% of the total issue size of ₹390.84 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹149.58 crores, or, 87.69% of the overall anchor allocation of shares, one trading day ahead of the IPO of PNGS Reva Diamond Jewellery Ltd. The anchor bidding opened and closed on February 23, 2026.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20260223-25&attachedId=10436b08-cac8-43f8-ba36-02a6676a370b

Out of the 44,19,200 shares allocated to the anchors in the IPO, there were a total of 11,91,744 shares allocated to mutual funds registered with SEBI. The allocation was made to 4 mutual fund schemes across 2 AMCs. Mutual funds accounted for 26.97% of the total anchor allocation of the IPO.

There was no allocation made to life insurance or general insurance companies registered with IRDA. Other investors include FPIs, P-Notes, and AIFs, who also actively participated in the anchor allocation of PNGS Reva Diamond Jewellery Ltd.

NEXT STEPS IN THE PNGS REVA DIAMOND JEWELLERY LTD IPO

Post the closure of the IPO subscription on 26th February 2026, the basis of allotment will be finalized on 27th February 2026 and the refunds will be initiated on 02nd March 2026. In addition, the demat credits are expected to also happen on 02nd March 2026 and the stock will list on 04th March 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 02nd March 2026 under ISIN (INE1RDG01013).

PNGS REVA DIAMOND JEWELLERY LTD - IPO SUBSCRIPTION STATUS ON DAY-1

As of 5.15 pm on 24th February 2026, out of the 57.06 lakh shares on offer in the IPO (excluding anchor portion), PNGS Reva Diamond Jewellery Ltd saw bids for 33.84 lakh shares. This implies an overall subscription of 0.59X or 59% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of PNGS Reva Diamond Jewellery Ltd was as under:

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 43.64% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to February 26, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-1 of the IPO stood at ₹301.19 Crore (including the anchor allocation portion too).

PNGS REVA DIAMOND JEWELLERY LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.15 pm on 26th February 2026, out of the 57.06 lakh shares on offer in the IPO (excluding anchor portion), PNGS Reva Diamond Jewellery Ltd saw bids for 70.32 lakh shares. This implies an overall subscription of 1.23X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of PNGS Reva Diamond Jewellery Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, but that was not the case in this issue. Both the QIB and the NII bids normally pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. However, that was absent in this IPO. The company saw robust anchor participation a day ahead of the IPO opening with 43.64% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio below of 1.23X excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of PNGS Reva Diamond Jewellery Ltd was open up to February 26, 2026, and has closed for subscription as of the close of trading hours on February 26, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹442.01 crore.