PNGS Reva IPO: Citigroup, Societe Generale back jeweller in Rs 170 crore anchor round

PNGS Reva Diamond Jewellery has raised Rs 170.58 crore from anchor investors ahead of its initial public offering, which opens for public subscription on February 24. The company allotted 44,19,200 equity shares at Rs 386 per share to anchor investors, according to an exchange filing.

Among the key global institutions participating in the anchor round were Citigroup Global Markets Mauritius and Société Générale. Other investors included Astorne Capital VCC – Arven, Aanjay Ageless AIF Fund and Holani Venture Capital Fund – 1.

From the domestic mutual fund segment, Tata India Consumer Fund and Groww Mutual Fund – Large Cap Fund participated in the anchor book. Out of the total anchor allocation, 11,91,744 equity shares were allotted to two domestic mutual funds through four schemes.

The anchor subscription comes a day ahead of the IPO opening for public bidding.

The IPO is entirely a fresh issue of up to Rs 380 crore. The offer will open on Tuesday, February 24, 2026, and close on Thursday, February 26, 2026.

Investors can bid for a minimum of 32 equity shares and in multiples thereafter. The issue is being offered through the book-building route, with up to 75% of the net offer reserved for qualified institutional buyers, up to 15% for non-institutional investors and up to 10% for retail investors.
PNGS Reva Diamond Jewellery is a retail-focused jewellery brand engaged in the sale of diamond jewellery and jewellery studded with precious and semi-precious stones.
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Smart Horizon Capital Advisors is the book-running lead manager for the issue, while Bigshare Services is acting as the registrar. The anchor participation from global institutions and domestic mutual funds is expected to lend early support to the IPO as it enters the three-day subscription window.