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PNGS Reva Diamond Jewellery has announced that it has mobilised nearly ₹171 crore from anchor investors ahead of the opening of its initial public offering for public subscription.
According to a circular uploaded on the website of BSE, both foreign and domestic institutions participated in the anchor round. These included Citigroup Global Markets Mauritius, Societe Generale, Tata Mutual Fund, Groww Mutual Fund, SageOne Investments, Tiger Strategies Fund I, and Innovative Vision Fund, among others.
As per the circular, PNGS Reva Diamond Jewellery said it has allocated 44,19,200 equity shares to these investors at Rs 386 apiece. The Rs 380-crore initial public offering (IPO) will open for subscription on February 24 and conclude on February 26.
The company has fixed a price band of Rs 367 to Rs 386 per share. The Pune-based company's IPO is entirely a fresh issue of equity shares with no offer for sale component.
The proceeds from the public issue will be utilised to establish 15 new stores by FY2028, fund marketing and promotional initiatives tied to these launches to strengthen the visibility of its flagship brand, “Reva,” and meet general corporate requirements.
PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market.
It is a retail-focused jewellery brand involved in the business of selling a wide range of jewellery. As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.
On the financial front, PNGS Reva Diamond Jewellery's revenue from operations grew 32 per cent to Rs 258.18 crore in fiscal year 2025, from Rs 195.63 crore in the preceding fiscal, and profit rose by 40 per cent to Rs 59.47 crore.
PNGS Reva Diamond Jewellery informs that it is planning to invest Rs 287 crore to set up 15 new retail stores to expand its business. "We are raising funds to expand our business," the company's CEO Amit Modak said. He said the company plans to set up 15 new retail stores with an investment of Rs 286.5 crore. Out of 15 new stores, around 60 per cent would be in Maharashtra.
