Pune-based Jewellery Player PNGS Reva Diamond Jewellery, 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, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 450 crore through Initial Public Offering (IPO).
The IPO, with a face value of Rs 10, is entirely a fresh issue of Rs 450 crore.
The proceeds from the fresh issue to the extent of Rs 286.56 crore for funding expenditure towards setting-up of 15 new stores by Fiscal 2028; Rs 35.40 crore for marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of its flagship brand, “Reva”, in their respective areas; and general corporate purposes.
The Issue is being made through the book-building process, wherein at least 75% of the net issue is allocated to qualified institutional buyers, and not more than 15% and 10% of the net issue is assigned to non-institutional investors and retail individual investors respectively.
PNGS Reva Diamond Jewellery was formed after its Corporate Promoter, P.N. Gadgil & Sons Limited undertook a strategic disinvestment via a slump sale of their diamond business. Under this Business Transfer Agreement in favour of PNGS Reva Diamond Jewellery, and it allowed to carve out a distinct identity in the market while continuing to operate in the diamond jewellery industry. Its products are sold under its flagship brand, “Reva”, which emphasises craftsmanship, and customer-centricity to cater the tastes of contemporary consumers, offering a blend of daily wear, occasion-led, and natural diamond-studded jewellery.
The Company focuses on designing and marketing a diverse range of diamond and precious and semi-precious stones jewellery which is made in precious metals such as gold and platinum, catering to various customer segments. The business model of the Company is to penetrate in both urban and semi-urban markets while maintaining operational flexibility and cost efficiency. It also retails plain platinum jewellery including rings, bracelets and chains.
As of March 31, 2025, it has curated 13 distinct jewellery collections through its dual design approach, which includes, original creations from its in-house design team and curated selections from our third-party manufacturers and Karigars. It covers a wide range of jewellery types, styles and designs to cover diverse needs. Its product offerings are designed to cater to a broad spectrum of customers, starting at an accessible price point of approximately ₹20,000 and going up till high-value jewellery. It acquires its diamond and gemstone-studded jewellery directly from various third-party manufacturing partners in India.
Its retail network comprises of shops-in-shop where it sets up its brand in a dedicated space within the premises of the retail stores operated by its Corporate Promoter, P.N. Gadgil & Sons Limited (“Stores”). As of March 31,2025, it had 33 Stores across 25 cities in the states of Maharashtra, Gujarat and Karnataka aggregating to an area of 599.15 Running Feet. Its stores are divided into two categories, namely, franchise owned and company operated (“FOCO”) and franchise owned and franchise operated (“FOFO”).
PNGS Reva Diamond Jewellery Limited’s revenue from operations increased by 31.97% to ₹258.18 crore in Fiscal 2025 from ₹195.63 crore in Fiscal 2024, primarily attributed to an increase in the sale of the diamond studded jewellery which includes precious stones, domestically. Profit for the year increased by 40.22% from ₹42.41 crore in Fiscal 2024 to ₹59.47 crore to Fiscal 2025.
Smart Horizon Capital Advisors Private Limited is the sole book-running lead manager and Bigshare Services Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
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