PNGS Reva Diamond IPO sees muted demand, fully booked on Day 3; GMP flat

PNGS Reva Diamond Jewellery IPO has received bids for 5.98 million shares against 5.70 million shares on offer

PNGS Reva Diamond Jewellery has received a lacklustre response from investors for its initial public offering (IPO), which opened for public subscription on Tuesday, February 24, 2026. According to data from the National Stock Exchange (NSE), the public issue was subscribed to only 1.04 times as of 1 PM on Thursday, February 26. 

 

The three-day subscription window for the IPO closes today. So far, the issue has received bids for 5.98 million shares against 5.70 million shares on offer. Demand has been strongest in the employees segment, which has been subscribed to 5.64 times. In contrast, qualified institutional buyers (QIBs) and non-institutional investors (NIIs) have subscribed 1 time and 1.19 times, respectively, of their reserved quotas. The portion reserved for retail investors was booked only 94 per cent.  

 

PNGS Reva Diamond Jewellery IPO GMP

Muted investor sentiment was also reflected in the grey market. According to sources tracking unofficial market activity, PNGS Reva’s unlisted shares were trading almost flat at ₹385 per share, implying a marginal grey market discount of ₹1, or 0.26 per cent, over the upper end of the IPO price band of ₹386.

PNGS Reva Diamond Jewellery IPO details

The IPO comprises a fresh issue of 9.8 million equity shares aggregating to ₹380 crore. There is no offer for sale (OFS) component. 

 

The issue is priced in the range of ₹367-386 per share, with a lot size of 32 shares. At the upper end of the price band, retail investors need to invest a minimum of ₹12,352 for one lot, while a maximum application of 16 lots (512 shares) requires ₹1,97,632.

 

Bigshare Services is the registrar of the issue. Smart Horizon Capital Advisors is the sole book-running lead manager.

PNGS Reva Diamond Jewellery IPO allotment date, listing date

With the issue closing today, the basis of allotment is expected to be finalised on Friday, February 27, 2026. Shares are likely to be credited to successful applicants’ demat accounts by Monday, March 2, 2026. The stock is scheduled to list on the NSE and BSE tentatively on Wednesday, March 4, 2026.

PNGS Reva Diamond Jewellery IPO objectives

According to the red herring prospectus (RHP), the company plans to utilise ₹286.56 crore from the net fresh issue proceeds for funding expenditure towards setting up 15 new stores, and ₹35.4 crore for marketing and promotional expenses. The remaining funds will be used for general corporate purposes.