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 its price band at ₹367 to ₹386 per equity share. Retail investors can bid for a minimum of 1 lot (32 shares), requiring an investment of ₹12,352.
As a specialized diamond retailer, Reva operates 34 stores across Maharashtra, Gujarat, and Karnataka. The company intends to use ₹286.5 crore of the IPO proceeds to set up 15 new exclusive brand stores by 2028. Another ₹35.4 crore is earmarked for a nationwide marketing campaign to build the "Reva" brand independently of its parent company.
Financially, the company has shown stellar growth. Revenue for FY25 stood at ₹258.18 crore, a 32% increase year-on-year. Profitability has been a standout feature, with the company reporting a Profit After Tax (PAT) of ₹59.47 crore for FY25, representing a strong 23% margin. However, early data for H1 FY26 shows a margin compression to 12.85%, reflecting increased costs from expansion and inventory buildup.
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) |
| 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 (BSE & NSE) |
Important News & Investor Insights
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Today's Status (Feb 18): The IPO is currently in its pre-open "cooling" phase. Brokerage apps like Upstox, Zerodha, and Groww have listed the IPO details, allowing users to study the RHP (Red Herring Prospectus) before bidding starts next week.
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Grey Market Premium (GMP): As of this morning, the GMP is trading between ₹20 and ₹35, suggesting an estimated listing price of roughly ₹406–₹421 (an approximate 5% to 9% gain).
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High-Margin Niche: Unlike many retail jewellers who focus on gold (low margin), Reva is a pure-play diamond retailer. This allows for significantly higher margins, though it also makes them more sensitive to consumer spending trends.
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Regional Concentration Risk: A critical risk factor is that 95.6% of its revenue currently comes from Maharashtra. The success of the IPO depends heavily on their ability to replicate this success in new territories like Karnataka and Gujarat.
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Parent Brand Dependency: 33 out of 34 existing stores are currently "shop-in-shop" formats within P.N. Gadgil & Sons outlets. While this saves on rent, any reputational damage to the parent brand could directly impact Reva’s footfall.
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Valuation: At the upper price band of ₹386, the company is valued at a P/B (Price to Book) value of approximately 8.42x. This is competitive when compared to peers like Senco Gold or Thangamayil Jewellery.
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