PNGS Reva IPO: Citigroup, Societe Generale back jeweler in Rs 170 crore anchor round

PNGS Reva Diamond Jewelery has raised Rs 170.58 crore from anchor investors ahead of its IPO, which opens for public subscription on February 24. The company has allotted 44,19,200 shares at Rs 386 per share to anchor investors, according to a stock exchange filing.Key global institutions participating in the anchor round included Citigroup Global Markets Mauritius and Société Générale. Other investors included Astorne Capital VCC – Arven, Aanjay Ageless AIF Fund and Holani Venture Capital Fund – 1.

From the domestic mutual fund segment, Tata India Consumer Fund and Groww Mutual Fund – Large Cap Fund participated in the anchor book. Of the total anchor allocation, 11,91,744 shares were allotted to two domestic mutual funds through four schemes.

The anchor subscription comes a day before the IPO opens for public bidding.

The IPO is an entirely fresh outlay of up to Rs 380 crore. The offer opens on Tuesday, February 24, 2026 and closes on Thursday, February 26, 2026.

Investors can bid for a minimum of 32 shares and in multiples thereafter. The issue is being offered through the bookbuilding route, with up to 75% of the net offering reserved for qualified institutional buyers, up to 15% for non-institutional investors and up to 10% for retail investors.

PNGS Reva Diamond Jewelery is a retail-oriented jewelry brand engaged in the sale of diamond jewelry and jewelry studded with precious and semi-precious stones.
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Smart Horizon Capital Advisors is the lead manager of the issue, while Bigshare Services acts as registrar. Participation from global institutions and domestic mutual funds is expected to provide early support to the IPO as it enters the three-day subscription period.