PNGS Reva Diamond’s IPO opens on Feb 24

New Delhi: PNGS Reva Diamond Jewellery on Monday fixed a price band of Rs 367 to Rs 386 for its Rs 380-crore initial public offering (IPO).

The initial share-sale will open for public subscription on February 24 and conclude on February 26, while the bidding for anchor investors will take place on February 23, according to the company statement.

The Pune-based company’s IPO is entirely a fresh issue of equity shares with no offer for sale component.Proceeds of the public issue will be used for setting up 15 new stores by fiscal year 2028; marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, “Reva”, and general corporate purposes.

PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil& Sons Ltd, sold its diamond jewellery business through a slump sale.

This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market. It is a retail-focused jewellery brand involved in the business of selling a wide range of jewellery.

As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.