Stock of PNGS Reva Diamond Jewelry bounces 16.5% on debut
PNGS Reva Diamond Jewelry's stock bounced up 16.5% to ₹433.55 on the BSE, even though it opened below its issue price at ₹372.
The IPO valued the company at ₹1,300 crore and saw a modest subscription of 1.23 times—this all happened while the broader market was having a rough day.
Shares were allotted at ₹372
The IPO ran from February 24-26, with anchor investors putting in ₹170.6 crore just before launch.
To get in, you needed to buy at least one lot (32 shares), costing around ₹12k.
Shares were allotted on February 27 and quickly climbed nearly 7% from their listing price by Wednesday, March 4, 2026.
PNGS Reva's jewelry starts at ₹20,000 per piece
PNGS Reva sells diamond-studded gold and platinum jewelry—think rings, earrings, necklaces—through 33 stores (reported as 33 as of March 31, 2025) across Maharashtra, Gujarat, and Karnataka.
Their jewelry starts at ₹20k per piece.
In FY25 they pulled in revenue of ₹259 crore (up from last year), with profits hitting ₹59.5 crore and strong margins.
The company plans to use ₹286 crore from the IPO
The company plans to use over ₹286 crore from the IPO to open 15 new stores by FY2028 (most in Maharashtra)
and is setting aside another ₹35 crore for marketing—hoping this push will grow their brand even more over the next few years.