PNGS Reva Diamond IPO disappoints on debut; shares list at 4% discount

PNGS Reva Diamond Jewellery's shares opened at ₹375 on the NSE, a discount of ₹11 or 2.85 per cent from the issue price of ₹386

PNGS Reva Diamond Jewellery listing: PNGS Reva Diamond Jewellery, a retail-focused jewellery brand, has made a lacklustre debut on the Dalal Street amid a subdued market sentiment. The company's shares opened at ₹375 on the NSE, a discount of ₹11 or 2.85 per cent from the issue price of ₹386.

 

On the BSE as well, PNGS Reva shares opened at ₹372, a discount of ₹14 or 3.6 per cent. Post-listing, the stock was trading nearly 2 per cent lower than the listing price. 

 

PNGS Reva Diamond listing was above the grey market estimates. Ahead of the listing, the company's unlisted shares were trading at around ₹366 in the grey markets. This indicated a grey market discount of ₹20 or 5.2 per cent, over the issue price, according to sources tracking unofficial market activity.

 

PNGS Reva Diamond Jewellery IPO subscription rate

According to National Stock Exchange (NSE) data, PNGS Reva Diamond IPO received a lacklustre response from investors, with overall subscription reaching 1.23 times. Investors placed bids for 7.03 million equity shares against the 5.7 million shares on offer. Non-Institutional Investors (NIIs) led the demand, oversubscribing their allotted quota by 1.54 times. The Qualified Institutional Buyers (QIBs) segment was subscribed 1.04 times, while the retail investors' portion was subscribed only 1.29 times.

PNGS Reva Diamond IPO details

PNGS Reva successfully raised ₹380 crore through its initial public offering, which comprised a fresh issue of 9.8 million shares.  

 

The IPO was offered in the price band of ₹367 to ₹386 per share, with a minimum application lot of 32 shares. The issue was open for subscription from February 24 to February 26, 2026. The allotment of shares was finalised on Friday, February 27, 2026. 

 

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

 

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.