PNGS Reva Diamond IPO to open on February 24. Check price band and other details

PNGS Reva Diamond Jewellery will open its IPO on February 24, with the company fixing a price band of Rs 367 to Rs 386 per equity share of face value Rs 10. The three-day issue will close on February 26. Investors can bid for a minimum of 32 equity shares and in multiples of 32 shares thereafter.

The IPO is entirely a fresh issue of up to Rs 3,800 million. The company currently has 21,866,400 equity shares outstanding on a pre-issue basis. The issue is being made through the book-building process, with not less than 75% of the net issue reserved for qualified institutional buyers, not more than 15% for non-institutional investors and not more than 10% for retail individual investors.

According to the company, the bulk of the proceeds will be used to expand its retail footprint. Around Rs 286 crore will go towards setting up 15 new stores. A further Rs 35 crore has been earmarked for marketing and promotional expenses linked to the launch of these stores, aimed at strengthening brand visibility for its flagship brand, Reva. The remaining proceeds will be used for general corporate purposes.

PNGS Reva operates in the diamond jewellery segment and is positioning itself as a branded retail player. The expansion of 15 stores indicates a clear push to scale its physical presence and tap into the rising demand for organised jewellery retail.

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On the financial front, the company reported revenue from operations of Rs 258 crore in FY25, compared with Rs 199 crore in FY23, reflecting steady growth over the past two years. Net profit stood at Rs 59.5 crore in FY25 versus Rs 51 crore in FY23.
Smart Horizon Capital Advisors Private is the book-running lead manager to the issue, while Bigshare Services is acting as the registrar.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)