PNGS Reva Diamond Jewellery IPO Update: Day 3 GMP and Subscription Status Details

PNGS Reva Diamond Jewellery IPO Update

The initial public offering (IPO) of PNGS Reva Diamond Jewellery Ltd is currently open and will remain open until 26 February 2026. The company aims to raise ₹380 crore by issuing fresh share capital.

Key IPO Details

• Issue Price Band: ₹368 to ₹386 per equity share
• Listing on: BSE and NSE
• IPO Proceeds: Utilized to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms

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Market Observations

• The company's shares are available in the grey market at a premium of ₹9 per share, signalling a listing gain of around 2% for potential allottees.

Subscription Status

• As of Day 2, the public issue was subscribed 0.83 times
• Retail portion: Booked 0.66 times
• NII segment: Filled 0.65 times
• QIB portion: Booked 0.96 times

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Analyst Recommendations

• Anshul Jain, Head of Research at Lakshmishree, recommends a 'Subscribe' rating for investors seeking high-growth exposure to the premiumization of India's jewellery market.
• Marwadi Financial Services assigns a 'Subscribe' tag, citing the company's diversified product portfolio, expertise in customised and high-value jewellery, and reasonable valuation considering growth potential.

Financial Profile

• FY25 Profit: ₹59.5 crore, a 40% YoY increase
• Return on Equity (ROE): ~34%
• Debt-to-Equity Ratio: 0.37
• FY25 EPS: ₹18.76 on a post-issue basis
• Market Cap: ₹1,224 crore