PNGS Reva Diamond IPO Opens: Will Investors Shine or Stay Cautious?

The much-awaited PNGS Reva Diamond Jewellery IPO has opened for public subscription, aiming to raise ₹380 crore through a fresh issue of 9.8 million equity shares. The company, a retail-focused diamond jewellery brand, plans to use proceeds to expand its store network, strengthen marketing, and meet general corporate needs.

Ahead of the IPO, PNGS Reva raised ₹170.58 crore from 16 anchor investors on February 23, signaling institutional confidence. The IPO closes on February 26, 2026, with shares scheduled to list on BSE and NSE on March 4, 2026.

Brokerages remain split some recommend subscribing based on revenue growth and brand strength, while others caution against regional concentration and competitive pressures. The grey market premium (GMP) indicates modest listing gains, reflecting cautious investor sentiment.

Key Highlights

• IPO Size: ₹380 crore (fresh issue only)
• Price Band: ₹367–₹386 per share
• Lot Size: 32 shares (₹12,352 minimum investment)
• Anchor Investors: ₹170.58 crore raised from 16 institutions
• Subscription Window: Feb 24–26, 2026
• Listing Date: March 4, 2026 (BSE & NSE)
• Brokerage Views: Mixed subscribe vs. avoid
• GMP: Suggests ~3% listing gains

Source: Business Standard, Economic Times, Moneycontrol (February 24, 2026)