Issue closes on Thursday, February 26, 2026, for bidding

The Initial Public Offering of PNGS Reva Diamond Jewellery was subscribed 0.83 times on the second day of bidding, demonstrating strong demand from qualified institutional buyers and retail investors for this IPO.

The issue received bids of 47,23,424 equity shares against the offered 57,06,235 equity shares, according to data available on the stock exchanges.

Qualified Institutional Buyer (QIB) and Retail Portion was subscribed 0.96 times and 0.66 times respectively. Non-Institutional Investors (NII) Portion was subscribed 0.65 times. Whereas the Employee Reserved subscribed 4.74 times.

The issue kicked off for subscription on Tuesday, February 24, 2026, and will close for subscription on Thursday, February 26, 2026.

Leading brokerage firms like Adroit Financial, Lakshmishree and Marwadi Shares and Finance have given their “Subscribe” recommendation to PNGS Reva Diamond Jewellery, which is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones, that are studded into precious metals such as gold and platinum.

Brokerage reports highlight the company’s strong fundamentals and brand backing from its 190-year-old promoter, P. N. Gadgil & Sons Limited, ensuring trust and industry expertise.

Adroit Financial notes its reasonable valuation at a P/E of 20.6, lower than key peers. Lakshmishree emphasises its focus on affordable luxury diamonds, delivering ~30% EBITDA margins, and plans to use ₹380 crore IPO proceeds to expand 15 exclusive showrooms beyond Maharashtra.

Marwadi Shares and Finance values the IPO at ~21x FY25 EPS, competitive versus peers like Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited, recommending a Subscribe rating for long-term growth.