IPO Watch: PNGS Reva Diamond Jewellery files draft papers for ₹450 crore IPO

IPO Watch: Pune-based jeweller PNGS Reva Diamond Jewellery has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to secure ₹450 crore through an Initial Public Offering (IPO).

PNGS Reva Diamond Jewellery is a retail-focused jewellery brand engaged in selling a diverse array of jewellery crafted from diamonds and precious and semi-precious stones set in precious metals like gold and platinum.

The company was established following a strategic disinvestment by its corporate promoter, P.N. Gadgil & Sons Limited, who completed a slump sale of their diamond division.

This business transfer agreement allowed PNGS Reva Diamond Jewellery to create a separate identity in the market while continuing its activities in the diamond jewellery sector. Its products are marketed under the flagship brand "Reva," which highlights craftsmanship and customer focus to meet the preferences of modern consumers, offering a collection of daily wear, occasion-focused, and naturally diamond-studded jewellery.

As of March 31, 2025, the company operated 33 stores in 25 cities across Maharashtra, Gujarat, and Karnataka, totaling an area of 599.15 running feet. These stores are categorized into two types: franchise owned and company operated (FOCO), and franchise owned and franchise operated (FOFO).

PNGS Reva Diamond Jewellery's operational revenue surged by 31.97% to ₹258.18 crore in fiscal 2025, up from ₹195.63 crore in fiscal 2024, mainly due to increased sales of diamond-studded jewellery, including precious stones, within the domestic market. The company's profit for the year grew by 40.22%, rising from ₹42.41 crore in fiscal 2024 to ₹59.47 crore in fiscal 2025.

IPO Details

The funds raised from the new issue, amounting to ₹286.56 crore, will be allocated for establishing 15 new stores by the end of fiscal 2028.

An additional ₹35.40 crore will be designated for marketing and promotional activities linked to the launch of these 15 new stores, with the goal of increasing local brand recognition and visibility for their flagship brand, “Reva,” in those areas.

The sole book-running lead manager for this issue is Smart Horizon Capital Advisors Private Limited, while Bigshare Services Private Limited serves as the registrar.

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