PNGS Reva Diamond IPO opens on February 24. Check price range and other details

PNGS Reva Diamond Jewelery will open its IPO on February 24, with the company setting a price band of Rs 367 to Rs 386 per equity share of face value of Rs 10. The three-day issue will close on February 26. Investors can bid for a minimum of 32 shares and then in multiples of 32 shares.The IPO is entirely a fresh issue of up to Rs 3,800 million. The company currently has 21,866,400 shares outstanding before issuance. The issuance will be through the book building process, with not less than 75% of the net issuance reserved for qualified institutional buyers, not more than 15% for non-institutional investors and not more than 10% for individual retail investors.

According to the company, most of the proceeds will be used to expand its retail footprint. About Rs 286 crore will go towards setting up 15 new stores. Another Rs 35 crore has been earmarked for marketing and promotional costs associated with the launch of these stores, aimed at strengthening the brand visibility of the flagship brand Reva. The remaining proceeds will be used for general corporate purposes.

PNGS Reva operates in the diamond jewelery segment and positions itself as a branded retail player. The expansion of 15 stores signals a clear push to increase physical presence and respond to the rising demand for organized jewelry retailing.

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On the financial front, the company reported revenue from operations of Rs 258 crore in FY25, compared to Rs 199 crore in FY23, reflecting steady growth over the past two years. Net profit stood at Rs 59.5 crore in FY25, compared to Rs 51 crore in FY23.

Smart Horizon Capital Advisors Private is the lead manager of the issue, while Bigshare Services acts as registrar.(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)