PNGS Reva Diamond Jewellery IPO

About the company

PNGS Reva Diamond Jewellery is a retail jewellery brand that primarily focuses on the sale of diamond and studded jewellery under the brand name 'Reva'. The brand 'Reva' currently runs 34 stores in 25 cities located in Maharashtra, Gujarat, and Karnataka. Among these, 33 are shop-in-shop (SIS) counters situated inside PNG stores, and one is a fully company-owned exclusive store. The company is engaged in a franchise agreement with P.N. Gadgil & Sons, through which it is entitled to get access to retail space, billing systems, security, logistics, and other infrastructure support. The company sells diamond and platinum jewellery at different price points, with jewellery pieces starting at around ₹20,000. Its product range covers rings, earrings, necklaces, pendants, bracelets, bangles, mangalsutras, nose pins, and chains. Moreover, customers are given the option of getting the jewelry customised. The jewelry is crafted using gold that is BIS, hallmarked. The company has three operating models. In the FOCO model (franchise owned, company operated), PNG is the provider of the space and Reva takes care of operations; this is the major model. In the FOFO model, PNG takes care of both space and operations. The COCO model is used for brand, exclusive stores that are both owned and operated by the company. FOCO stores accounted for the major part of revenue at 14,293.20 lakhs in 1HFY26. In terms of operating metrics, revenue per running foot was ₹43.1 lakhs in FY25. The average order value was around ₹85,000 in FY25 and grew to ₹1.2 lakh in H1FY26. The number of bills has also increased from 22,907 in FY23 to 30,378 in FY25. Maharashtra accounts for the major chunk of revenue (over 97%) with only small portions coming from Karnataka and Gujarat. Mangalsutras, rings, and earrings have been the main sales drivers. In H1FY26, rings accounted for about 20.84%, mangalsutras at 21.34%, and earrings at 12.23% of revenue. Gold jewellery and other studded categories also make up a significant part of sales. Reva doesn't make its jewellery in-house. It buys finished goods from external manufacturers and karigars. Carrying stock items is the biggest part of the purchases. The company has a tiny in-house design team consisting of 2 designers and is also working closely with vendor partners to launch new collections. It launched 4 new collections in FY25. On the marketing side, the company is using digital platforms like WhatsApp, Instagram, Facebook, Google Ads, OTT platforms, and cinema advertising. India's gems and jewellery industry is undergoing a huge transformation. The industry was worth about ₹8.80 lakh crore in CY24 and is expected to continue to grow at a strong 11.7% CAGR until CY29. Several factors such as per capita income going up (predicted at 8.88% CAGR), quick urbanisation, and the culturally ingrained tradition of buying jewellery for weddings and festivals in India, are fuelling this increase. By refocusing on diamond-studded gold jewellery only, the company is benefiting from a product segment that is growing much quicker than the rest of the industry. It is estimated that this segment will register a 16.1% CAGR that will almost double the market size, going from ₹34,933 crore in CY24 to ₹73,560 crore in CY29. Another major factor contributing to the company's success is the shift from unorganised retail to organised retail that continues at a fast pace. By CY29, the organised players will have grown in absolute terms by 126% in this segment. Besides the company having presence in the states Maharashtra, Gujarat, and Karnataka, which collectively contribute almost 66% of the demand for gold jewellery in India, PNGS has adopted an asset-light shop-in-shop business model, which resulted in a phenomenal 30.8% operating margin during FY25, far surpassing the 4–9% margins reported by many established peers. Now, PNGS Reva Diamond Jewellery Ltd is launching its initial public offering (IPO), which is a completely fresh issue of ₹380 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for the PNGS Reva Diamond Jewellery IPO?** If you are interested in this investment opportunity but unsure how to apply for the PNGS Reva Diamond Jewellery IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the PNGS Reva Diamond Jewellery IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘PNGS Reva Diamond Jewellery IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check PNGS Reva Diamond Jewellery IPO Allotment Status?** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the PNGS Reva Diamond Jewellery IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your PNGS Reva Diamond Jewellery IPO allotment status will be mentioned ### **How to pre-apply for the PNGS Reva Diamond Jewellery IPO?** You can pre-apply for the PNGS Reva Diamond Jewellery IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘PNGS Reva Diamond Jewellery IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   24 Feb 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   26 Feb 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   27 Feb 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   02 Mar 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   02 Mar 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   04 Mar 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.