The Rs 380 crore IPO, which closed on February 26, was priced at Rs 386 per share, the upper end of its Rs 367-386 price band. The issue was entirely a fresh issue of 98,44,559 shares and will be listed on both BSE and NSE.
In the grey market, shares are trading at a discount to the issue price, indicating the possibility of a muted to negative listing. A negative GMP typically signals weak near-term sentiment, though it is not an official or regulated indicator.
The IPO saw moderate overall demand, with the issue subscribed 1.30 times. The retail portion was subscribed 1.37 times, while non-institutional investors (NII) subscribed 1.62 times. Qualified institutional buyers (excluding anchors) bid 1.10 times their reserved quota. The employee portion saw stronger interest at over seven times subscription.
The company had raised Rs 170.58 crore from anchor investors ahead of the issue on February 23, with 44,19,200 shares allocated to anchor participants.
PNGS Reva Diamond Jewellery, incorporated in 2004, operates under the “Reva” brand and focuses on diamond-studded jewellery. The company offers rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and other studded products in gold and platinum. As of September 30, 2025, it operated 34 stores across 25 cities in Maharashtra, Gujarat and Karnataka under a mix of FOCO, FOFO and COCO models.
Financially, the company reported total income of Rs 259.11 crore and profit after tax of Rs 59.47 crore for FY25, compared with Rs 196.24 crore income and Rs 42.41 crore PAT in FY24. For the six months ended September 30, 2025, it posted income of Rs 157.12 crore and PAT of Rs 20.13 crore.The company plans to utilise Rs 286.56 crore from the net proceeds for setting up 15 new stores, Rs 35.40 crore for marketing and promotional expenses related to these outlets, and the balance towards general corporate purposes.
Analysts note that while the valuation metrics appear reasonable relative to some listed jewellery peers, earnings have shown some volatility in recent years and expansion-led execution risks remain.
With the GMP indicating a discount and broader market volatility still elevated, investors will closely watch whether institutional support and anchor backing translate into stability on listing day, or whether the stock opens below its issue price.
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