New Delhi, Feb 23 (PTI) PNGS Reva Diamond Jewellery on Monday said it has raised nearly ₹171 crore from anchor investors ahead of its initial share sale opening for public subscription.
Foreign and domestic institutions that participated in the anchor round included Citigroup Global Markets Mauritius, Societe Generale, Tata Mutual Fund (MF), Groww MF, SageOne Investments, Tiger Strategies Fund -I, and Innovative Vision Fund, among others, according to a circular uploaded on BSE’s website.
As per the circular, PNGS Reva Diamond Jewellery said it has allocated 44,19,200 equity shares to these investors at ₹386 apiece.
The ₹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 ₹367 to ₹386 per share.
The Pune-based company’s IPO is entirely a fresh issue of equity shares with no offer for sale component.
Proceeds of the public issue will be used for setting up 15 new stores by fiscal year 2028, marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, “Reva”, and general corporate purposes.
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 ₹258.18 crore in fiscal year 2025, from ₹195.63 crore in the preceding fiscal, and profit rose by 40 per cent to ₹59.47 crore.
Smart Horizon Capital Advisors is the sole book-running lead manager of the issue. The equity shares are proposed to be listed on the NSE and BSE.
On Monday, PNGS Reva Diamond Jewellery said it is planning to invest ₹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 told PTI.
He said the company plans to set up 15 new retail stores with an investment of ₹286.5 crore.
Out of 15 new stores, around 60 per cent would be in Maharashtra.
“These 15 stores will be company-owned and company-operated,” Modak said.
Modak said the company focuses only on domestic sales and does not export diamond jewellery.
Promoters have an 87 per cent stake in the company. Post-IPO, their shareholding will come down to around 60 per cent.
