PNGS Reva Diamond Jewellery IPO Opens with Price Band ₹367-386

PNGS Reva Diamond Jewellery launched a fresh issue of 98,44,559 equity shares raising ₹380.00 crore with a price band set at ₹367-386 per share, a face value of ₹10 and Smart Horizon Capital as book-runner. Market chatter on Stockgro shows a grey market premium of ₹35, which would imply an estimated listing price of ₹421 and an implied listing gain of about 9.07% over the upper band, a calculation Stockgro qualifies as "subject to market conditions."

Bids open for the book-built Mainboard IPO between 24 and 26 February 2026, with bidding hours set from 10:00 AM to 5:00 PM each day. Allotment is scheduled to be finalised on 27 February 2026, refunds are expected to initiate on 02 March 2026 per Kotak's timetable, and the company is slated to list on BSE and NSE on 04 March 2026. One portal's FAQ lists an alternate opening window of 25-26 February, but the majority of sources and the issued timetable show 24-26 February as the bid period.

PNGS Reva is a retail jewellery business spun out from P. N. Gadgil & Sons Limited, operating its flagship Reva brand. The company runs 34 stores across Maharashtra, Gujarat and Karnataka and sells design-led jewellery studded with diamonds, precious and semi-precious stones in gold and platinum, along with plain platinum pieces such as rings, bracelets and chains. Product pricing begins at approximately ₹20,000, and the management team includes Managing Director Aditya Amit Modak. Economic Times notes the company had 21,866,400 equity shares outstanding on a pre-issue basis.

The company plans to deploy ₹286.56 crore of the IPO proceeds to establish 15 new brand-exclusive stores, prioritising Tier-1 cities and select Tier-2 cities in Maharashtra and other metros. The remainder of the funds will be used to scale marketing for the Reva brand and for general corporate purposes, according to RHP summaries reproduced on multiple portals.

Subscription mechanics require applications in lots of 32 equity shares. Minimum retail investment equals ₹11,744 at the lower band (₹367 x 32) and ₹12,352 at the upper band (₹386 x 32); retail portals commonly cite the upper-band figure of ₹12,352. Institutional tranche minimums cited by Kotak and 5paisa include sNII at 17 lots (544 shares) and bNII at 81 lots (2,592 shares), which correspond to ₹209,984 and ₹1,000,512 respectively at the upper band.

Market commentary from Stockgro highlights improving revenue, healthy margins and strong return ratios for PNGS Reva but flags geographic concentration and brand dependence as material risks. With allotment and listing dates now set, the IPO will test whether retail appetite matches the company's aggressive expansion plan and whether the grey market optimism endures through formal listing on 04 March 2026.