The subscription for the PNGS Reva Diamond IPO will officially open on Tuesday, February 24, 2026, and conclude on Thursday, February 26. The company has fixed a price band of ₹367 to ₹386 per equity share. Retail investors can bid for a minimum of 1 lot (32 shares), which translates to an investment of ₹12,352.
As a "pure-play" diamond retailer, Reva operates 34 stores across Maharashtra, Gujarat, and Karnataka, specializing in diamond and precious stone jewellery studded in gold and platinum. The company intends to use ₹286.5 crore (approx. 75%) of the IPO proceeds to set up 15 new exclusive brand stores in Tier-1 and select Tier-2 cities. Another ₹35.4 crore is earmarked for a nationwide marketing campaign to boost the "Reva" brand visibility independent of its parent company.
Financially, the company has shown stellar growth. Revenue for FY25 stood at ₹258.18 crore, marking a 32% increase over the previous year. Even more impressive is its profitability; the company reported a Profit After Tax (PAT) of ₹59.47 crore for FY25 with a healthy 23% margin. However, early data for H1 FY26 shows a slight margin compression to 12.8%, likely due to aggressive inventory buildup and pre-IPO marketing spend.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹367 – ₹386 per share |
| Lot Size | 32 Shares (Min. Investment ₹12,352) |
| Total Issue Size | ₹380 Crore (100% Fresh Issue) |
| Listing Platform | BSE & NSE (Mainboard) |
| Anchor Bidding | February 23, 2026 (Monday) |
| Open Date | February 24, 2026 (Tuesday) |
| Close Date | February 26, 2026 |
| Basis of Allotment | February 27, 2026 |
| Tentative Listing | March 4, 2026 |
Important Note for Investors
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Today's Status (Feb 16): The IPO is currently in its pre-open phase. While you may see "pre-apply" options on apps like Zerodha or Angel One, official bidding will only begin next Tuesday.
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Grey Market Premium (GMP): Early unofficial signals suggest a GMP of ₹14–₹20, indicating a modest but positive ~5% listing pop. This is expected to fluctuate once the price band is officially tested during the anchor bidding next week.
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The "Carve-Out" Advantage: Unlike many retail jewellers who focus on gold (low margin, high volume), Reva is a pure-play diamond retailer. This allows for opaque pricing and significantly higher profit margins compared to traditional gold-focused peers.
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Geographical Concentration Risk: Investors should be cautious that over 95% of the company's revenue currently comes from Maharashtra. The success of the IPO depends on its ability to expand successfully into Karnataka and Gujarat.
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Parent Dependency: 33 out of 34 existing stores are "shop-in-shop" formats within P.N. Gadgil & Sons outlets. While this reduces rental costs, it makes Reva highly dependent on the parent brand's footfall and reputation.