PNGS Reva Diamond Jewellery files draft papers for Rs 450 crore IPO

Pune-based PNGS Reva Diamond Jewellery has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) worth Rs 450 crore. The entire IPO will be a fresh issue, with each share having a face value of Rs 10.

The capital raised is earmarked for strategic expansion, including the establishment of 15 new stores by the end of Fiscal 2028. Additionally, Rs 35.40 crore from the proceeds will be allocated to marketing and promotional activities to boost the visibility of its flagship brand, Reva, in new locations. The remaining funds will go towards general corporate purposes.

The IPO will follow a book-building process allocating at least 75 per cent to qualified institutional buyers (QIBs), with non-institutional investors and retail individual investors receiving 15 per cent and 10 per cent, respectively. Reva, under the corporate promoter PN Gadgil & Sons Ltd, emerges from a strategic disinvestment and slump sale, positioning itself distinctly in the diamond jewellery market.

PNGS Reva focuses on diamond and precious stone jewellery, creatively engineered with gold and platinum. It operates a dual retail model, consisting of franchise owned and company operated ("FOCO") and franchise owned and franchise operated ("FOFO") stores. As of March 2025, the company operated 33 stores across Maharashtra, Gujarat, and Karnataka.

Financially, PNGS Reva has shown robust growth. Revenue from operations increased by 31.97 per cent to Rs 258.18 crore in fiscal 2025 from Rs 195.63 crore in the previous fiscal year. The profit for the company also saw a significant rise of 40.22 per cent, achieving Rs 59.47 crore from Rs 42.41 crore.

Smart Horizon Capital Advisors Pvt Ltd is the sole book-running lead manager for this issue, with Bigshare Services Pvt Ltd acting as the registrar. The equity shares of PNGS Reva Diamond Jewellery are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.

Key dates and further details on the IPO process, including allotment date and listing date, remain to be disclosed.