PNGS Reva IPO
PNGS Reva Diamond Jewellery Limitedrevabypng.com
- Price band
- ₹367 – ₹386
- Issue size
- ₹380 Cr
- Lot size
- 32 sh
- Bidding
- 24 – 26 Feb
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 4 Mar 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for PNGS Reva, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2004 · Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune 411041, Maharashtra, India · 69 employees
PNGS Reva sells diamond-studded gold and platinum jewellery to retail buyers in western and southern India under the brand "Reva". The range runs from everyday to occasion pieces — rings, mangalsutras, earrings, bangles, bracelets, nose pins, pendants and necklaces — plus loose stones and plain platinum chains and bracelets. Rings and mangalsutras alone were 42.18% of revenue in the six months to 30 September 2025. It sells through 34 stores in 25 cities across Maharashtra, Gujarat and Karnataka; 33 are shop-in-shop counters inside stores run by its corporate promoter, P. N. Gadgil & Sons Limited, and one is a standalone store. Maharashtra supplied 97.54% of revenue in that period. The business was carved out of P. N. Gadgil & Sons' diamond operation by a slump sale in January 2025.
Revenue is retail jewellery sales. Gross margin was 26.67% in the six months to 30 September 2025 — ₹1,567.18 million of revenue against ₹1,149.23 million of cost of goods sold — and it barely varies by store format (FOCO 26.62%, FOFO 27.14%, COCO 26.67%). The estate is deliberately asset-light: under FOCO the promoter owns or leases the floor space while Reva carries the inventory and the staff, so capital goes into stock rather than fit-out. Stock is also the constraint — borrowings rose from ₹90.65 crore at 31 March 2025 to ₹130.25 crore six months later. The ₹379.52 crore fresh issue was raised mainly to build 15 company-owned stores (₹2,865.64 million), which will carry their own capex.
The company on paper
- Legal name
- PNGS Reva Diamond Jewellery Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 20 Dec 2024trading as PNGS Reva since 2004
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U32111PN2024PLC236494
- Sector
- Consumer Discretionary · Diamond-studded gold and platinum jewellery retail
- Employees
- 69
- Registered office
- Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune 411041, Maharashtra, India
- Promoters
- P. N. Gadgil & Sons Limited, Govind Vishwanath Gadgil, Renu Govind Gadgil
- Promoter holding, pre-issue
- 87.5%
- Promoter holding, post-issue
- 60.3%
- Website
- revabypng.com
The numbers
Financial performance
Revenue has compounded at 13.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹380 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹380 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 27.1% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹386.00
- Listed at
- ₹375.00
- Listing gain
- down 2.9%
- Since listing
- up 66.1%
- Against the issue price
- up 61.4%
Trading at ₹623.05 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 32
- At cut-off price
- ₹386.00
- Amount blocked
- ₹12,352
One lot is 32 shares at ₹12,352. Retail applications are capped at ₹2,00,000, which allows up to 16 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~74%
chance of one lot, per application
- Retail subscription
- 1.36×
- Applicants per share available
- 1.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹375.00
listed at, −2.9% against the issue price
- Issue price
- ₹386.00
- Premium said
- —
- If allotted 32 shares
- −₹352
Listing-day figures are as reported by the exchanges.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Smart Horizon Capital Advisors Private Limited (formerly Shreni Capital Advisors Private Limited)
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to PNGS Reva's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- PNGS Reva Diamond Jewellery Limited — Prospectus dated 27 February 2026 (final, post-pricing) · read 16 Oct 2026
- PNGS Reva Diamond Jewellery Limited — Abridged Prospectus (salient features of the RHP dated 10 February 2026) · read 16 Oct 2026
- Reva by PNG — Offer Documents index · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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