New Delhi, February 24 The initial public offering (IPO) of PNGS Reva Diamond Jewellery received 59 per cent subscription on the first day of share sale on Tuesday.
The Rs 380-crore IPO received bids for 33,83,488 shares against 57,06,235 shares on offer, according to NSE data.
The portion for qualified institutional buyers subscribed 92 per cent, while the quota for retail individual investors received 37 per cent subscription. The portion for Non-Institutional Investors subscribed 7 per cent.
PNGS Reva Diamond Jewellery said on Monday that it has raised nearly Rs 171 crore from anchor investors. The public issue will conclude on February 26.
The company has fixed a price band of Rs 367 to Rs 386 per share.
The Pune-based company's IPO is entirely a fresh issue of equity shares with no offer for sale component.
The proceeds from 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 order to enhance the visibility of the flagship brand, "Reva", and for 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.
On the financial front, PNGS Reva Diamond Jewellery's revenue from operations grew 32 per cent to Rs 258.18 crore in fiscal year 2025, from Rs 195.63 crore in the preceding fiscal, and profit rose by 40 per cent to Rs 59.47 crore.
On Monday, PNGS Reva Diamond Jewellery said it is planning to invest Rs 287 crore to set up 15 new retail stores to expand its business.
"We are raising funds to expand our business," the company's CEO Amit Modak told
