PNGS Reva Diamond Jewellery IPO

SEBI approved the IPO of PNGS Reva Diamond Jewellery Ltd. on October 1, 2025. The company can now move ahead with the remaining steps and will launch the IPO depending on market conditions. This SEBI approval will stay valid for 12 months.

The IPO will be a Book Build Issue, and the company’s shares are planned to be listed on both NSE and BSE. Smart Horizon Capital Advisors Pvt. Ltd. is the lead manager for the issue, and Bigshare Services Pvt. Ltd. will act as the registrar.

Important details such as the IPO dates, price band, and lot size have not been announced yet. For more information, investors can refer to the company’s DRHP.

PNGS Reva Diamond Jewellery IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. To cover the costs of opening 15 new stores, which will require an estimated ₹286.56 crore.
2. To spend on marketing and promotional activities for these 15 new stores to improve brand awareness and visibility of the “Reva” brand in their respective locations. This is expected to cost ₹35.40 crore.
3. To meet general corporate expenses, such as business operations and other routine requirements. 

About PNGS Reva Diamond Jewellery Limited

PNGS Reva Diamond Jewellery Ltd., founded in 2004, is part of P. N. Gadgil & Sons and operates in the jewellery business. The company sells a wide range of diamond and gemstone jewellery crafted in gold and platinum. 

In February 2025, it launched a new diamond-focused brand called Reva, designed to offer stylish yet affordable diamond pieces starting from ₹10,000. The collection features modern, customizable designs and was introduced just before Valentine’s Day with offers like zero making charges to attract buyers. 

As of March 31, 2025, PNGS operated 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka. Its product line includes diamond rings, earrings, bracelets, pendants, and necklace sets, all made in hallmarked gold. The company’s strengths come from the strong brand legacy of its promoters, an experienced leadership team, deep regional understanding across Tier-1 to Tier-3 cities, and a diverse product range that helps it meet changing customer preferences.

Industry Outlook

1. The global gems and jewellery market is influenced by economic conditions, cultural habits, and fast-changing fashion trends.
2. Jewellery is no longer limited to weddings or special occasions—people now wear gold, platinum, and gemstone pieces daily.
3. Lightweight chains, rings, anklets, and bracelets have become popular everyday accessories.
4. Coloured gemstones like emeralds, sapphires, and opals are gaining popularity as people look for unique and vibrant designs.
5. Artificial and fashion jewellery is also expanding into new styles such as hair accessories, waist chains, and modern statement pieces.
6. The global gems and jewellery market was valued at USD 243 billion in CY24.
7. Growth was slow during CY19–CY24 (CAGR of 1.3%) due to the pandemic, economic uncertainty, and shifting consumer priorities.
8. India overtook China in gold jewellery value, with demand worth USD 43 billion in CY24.

How To Apply for the PNGS Reva Diamond Jewellery IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the PNGS Reva Diamond Jewellery IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of PNGS Reva Diamond Jewellery IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of PNGS Reva Diamond Jewellery Limited

Registered office: PNGS Reva Diamond Jewellery Ltd., Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune, Maharashtra, 411041

Phone: +91 020-29980704

Email: investor@revabypng.com

Website: https://www.revabypng.com/

PNGS Reva Diamond Jewellery IPO Reservation

PNGS Reva Diamond Jewellery IPO Promoter Holding

P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil and Renu Govind Gadgil are the company promoters.

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for PNGS Reva Diamond Jewellery IPO

PNGS Reva Diamond Jewellery IPO Registrar and Lead Managers

PNGS Reva Diamond Jewellery IPO Lead Managers

• Socradamus Capital Pvt.Ltd.

Registrar for PNGS Reva Diamond Jewellery IPO

Bigshare Services Pvt.Ltd.

• Phone: +91-22-6263 8200
• Email: ipo@bigshareonline.com
• Website: https://ipo.bigshareonline.com/IPO_Status.html

Financial Performance of PNGS Reva Diamond Jewellery Limited

PNGS Reva Diamond Jewellery Limited Peer Comparison

Strengths and Opportunities of PNGS Reva Diamond Jewellery Limited

1. The company comes from the strong 190+ year legacy of PNGS, which gives it trust and credibility.
2. It has solid financial performance with high return ratios like ROE (~78.9%), ROCE (~59.5%), and a healthy PAT margin (~30.8%).
3. The business was debt-free until the IPO, and even now the debt-to-equity ratio remains comfortable at around 0.9x.
4. The IPO funds of ₹450 crore will help the company expand quickly by opening 15 new exclusive stores by FY 2028.
5. Its brand positioning, mixing traditional craftsmanship with modern designs, appeals strongly to urban and millennial buyers.
6. The company already has a strong regional reach across 25 cities in Maharashtra, Gujarat, and Karnataka with different store formats.
7. It can benefit from the fast-growing organised diamond jewellery market, expected to grow at 16–17% CAGR.
8. Increasing incomes, urbanisation, and higher domestic consumption create a favourable environment for growth.
9. With ₹35 crore set aside for marketing, the company has a good chance to scale digital and online promotion.

Risks and Threats of PNGS Reva Diamond Jewellery Limited

1. PNGS Reva is a newly formed separate entity (since December 2024) and is still building its own brand identity.
2. The company relies heavily on systems and operations of the parent promoter group.
3. Its current scale is small, with revenue of about ₹258 crore, especially compared to bigger industry players.
4. It faces strong competition from established brands like Tanishq, CaratLane, and Bluestone.
5. Fluctuations in the prices of diamonds and precious metals can impact margins.
6. The unorganised jewellery market still holds about 58% share, leading to strong price competition.
7. Increasing regulatory requirements, such as hallmarking and traceability norms, add compliance pressure.
8. Lab-grown diamonds and synthetic alternatives are becoming popular, posing a competitive threat.
9. Rapid expansion brings risks, especially if new store openings face operational challenges.