PNGS Reva Diamond Jewellery, a fast-growing brand in the diamond jewellery market, is preparing to launch its Initial Public Offering (IPO).
The brand was established in January 2025 as a separate company through a strategic slump sale from the 190-year-old company P. N. Gadgil & Sons.
The company designs and sells diamond-studded and precious stone jewellery made in gold and platinum under the ‘Reva’ brand.
Its speciality is offering high-quality jewellery starting from around ₹20,000, mainly targeting middle and upper-middle-class customers.
IPO Dates and Key Details
The IPO of PNGS Reva Diamond Jewellery will open from February 24 to February 26, 2026. This will be a fresh issue worth ₹380 crore, with no Offer for Sale (OFS).
Before the issue, the company has 2,18,66,400 shares with a face value of ₹10 per share. The issue price and lot size have not been announced yet. The IPO will be listed on both NSE and BSE.
In terms of allocation, 75% of the shares are reserved for Qualified Institutional Buyers (QIBs), 10% for Non-Institutional Investors (NIIs or HNIs), and 15% for retail investors. The company’s shares are currently trading at a premium of ₹10 in the grey market.
Business Model and Operations
As of September 30, 2025, the company operates 33 retail locations. Its business model is mainly based on FOCO (franchise-owned, company-operated) and FOFO models, which help the company expand quickly.
In its product portfolio, mangalsutras account for about 21.34% and rings for about 20.84%, making them the largest segments. The company has a strong gross profit margin of 26.67% in this segment and employs 69 people.
Use of IPO Funds and Future Plans
A large part of the IPO funds will be used to open 15 new stores, with around ₹286.56 crore allocated for this purpose. About ₹35.40 crore will be spent on marketing
and promotional activities to strengthen the ‘Reva’ brand in urban and semi-urban areas. The remaining funds will be used for general corporate purposes.
The promoters of the company are P. N. Gadgil & Sons Limited, Govind Vishwanath Gadgil, and Renu Govind Gadgil.
