PNGS Reva Diamond Jewellery IPO Day 3 LIVE: Issue fully subscribed; should you apply as bidding ends in a few hours?

The proceeds from the issue are primarily aimed at accelerating the company’s growth strategy through an aggressiveretail expansion plan. A significant portion is earmarked for setting up 15 new stores, which is expected to expandgeographic presence, improve market penetration, and support higher revenue scale over the medium term.

By 3:21 PM on the third day of bidding, the public issue was subscribed 1.20 times; the retail portion was subscribed 1.16 times; and the NII segment was subscribed 1.50 times. The QIB portion of the public issue was booked 1.04 times.

Domestic consumption is primarily fueled by a deep-rooted cultural affinity for jewellery, particularly during weddings andfestivals such as Diwali, Dhanteras, and Akshay Tritiya. Other structural drivers include rising disposable incomes, rapidurbanization, and a growing workforce that is increasingly opting for lightweight, modern designs suitable for everydaywear.

The domestic gems and jewellery industry was valued at approximately ₹8,809 billion in CY24 and is projected to grow at aCAGR of 11.7% between CY24 and CY29. The market is traditionally dominated by gold jewellery, which accounted for 82%of the total market share in 2024. This is followed by diamonds at 10%, with the retail diamond jewellery marketspecifically valued at approximately ₹596 billion in CY24.

PNGS Reva Diamond is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery madeusing diamond and precious and semi-precious stones which are studded into precious metals such as gold and platinum.They also retail plain platinum jewellery including rings, bracelets and chains. Their products are sold under their flagshipbrand, “Reva”. The Reva brand aims to blend traditional elegance with modern aesthetics, offering customizable diamondjewellery that appeals to a broad customer base.

Concentrates on the "affordable luxury" diamond and gemstone segment, which offers superior margins (EBITDA ~30%) compared to traditional gold-heavy retailers. The 100% fresh issue IPO is strategically going to fund the 15 new brand-exclusive showrooms by 2028, driving a transition toward a standalone, higher-valuation retail identity.

By 2:21 PM on the third day of bidding, the public issue was subscribed 1.12 times; the retail portion was subscribed 1.06 times; and the NII segment was subscribed 1.37times. The QIB portion of the public issue was booked 1.00 times.

Utilises a highly efficient shop-in-shop (SIS) strategy (33 of 34 stores) within established PNGS outlets, significantly reducing capital expenditure and customer acquisition costs.

— Anshul Jain, Head of Research at Lakshmishree

The company is utilising its February 2026 IPO proceeds ( ₹380 Crore) to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its 97% revenue concentration in Maharashtra.

— Anshul Jain, Head of Research at Lakshmishree

The book build issue aims to raise ₹380 crore by issuing fresh share capital.

The company's promoters have announced the PNGS Reva Diamond Jewellery IPO price band of ₹368 to ₹386 per equity share.

The company’s financial profile, with ₹59.5 Crore profit in FY25 (a 40% YoY increase) and a Return on Equity (ROE) of ~34%. Unlike gold-heavy retailers, Reva focuses on high-margin diamond and gemstone-studded pieces, maintaining a 0.37 debt-to-equity ratio.

— Anshul Jain, Head of Research at Lakshmishree

By 11:57 AM on the third day of bidding, the public issue was subscribed 0.92 times; the retail portion was subscribed 0.86 times; and the NII segment was subscribed 0.76 times. The QIB portion of the public issue was booked 1.00 times.

According to market observers, the company's shares are available in the grey market at a premium of ₹9 per share. This means PNGS Reva Diamond Jewellery IPO GMP today is ₹9.

Bigshare Services Private Limited has been appointed the official registrar of the mainboard IPO.

The most likely PNGS Reva Diamond Jewellery IPO allotment date is 27 February 2026. This means applicants can expect the share allocation announcement tomorrow.

We assign a “Subscribe” rating to this IPO, given the company’s diversified product portfolio across categories and price points, along with its expertise in customised, high-value jewellery, which supports revenue growth and brand premiumisation. Also, it is available at a reasonable valuation given the company's growth potential.

— Marwadi Financial Services

Considering the FY25 EPS of ₹18.76 on a post-issue basis, the company is set to list at a P/E of approximately ~21x with a market cap of ₹1,224 Cr, whereas its peers namely Tribhovandas Bhimji Zaveri Limited, Thangamayil Jewellery Limited, and Senco Gold Limited are trading at P/E ratios of approximately ~7x, ~47x, and ~12x.

— Marwadi Financial Services

Advising investors to apply for the mainboard IPO, Anshul Jain, Head of Research at Lakshmishree, said the company’s financial profile, with ₹59.5 Cr profit in FY25 (a 40% YoY increase) and a Return on Equity (ROE) of ~34%. Unlike gold-heavy retailers, Reva focuses on high-margin diamond and gemstone-studded pieces, maintaining a 0.37 debt-to-equity ratio. The company is utilising its February 2026 IPO proceeds ( ₹380 Cr) to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its revenue away from its 97%concentration in Maharashtra.

“We suggest a ‘Subscribe’ rating for investors seeking high-growth exposure to the premiumization of India’s jewellery market,” Anshul Jain of Lakshmishree said.