PNGS Reva Diamond Jewellery has officially set the stage for its upcoming public debut, with its Rs 380 crore Initial Public Offering (IPO) scheduled to open for subscription on February 24, 2026. The company has fixed a price band of Rs 367 to Rs 386 per equity share. The issue consists entirely of a fresh issue of approximately 9.8 million shares, with no offer-for-sale component from existing shareholders. The retail investment threshold is set at a minimum lot size of 32 shares, requiring an initial outlay of Rs 12,352 at the upper price band. The bidding process will conclude on February 26, 2026, followed by a tentative listing on the BSE and NSE on March 4, 2026. Proceeds from the offering are earmarked for a significant retail expansion. The company plans to deploy Rs 286.56 crore to establish 15 new stores, further penetrating the western Indian market. Additionally, Rs 35.4 crore is allocated to marketing and promotional activities for its flagship "Reva" brand, with the remaining capital supporting general corporate needs. Financial performance has shown steady growth leading up to the IPO. For the fiscal year ending March 2025, the company reported revenue of Rs 258.18 crore, marking a 30% increase from the Rs 198.85 crore recorded in 2023. Net profit for the same period rose to Rs 59.47 crore, up from Rs 51.75 crore two years prior. As of late 2025, the company maintained 21,866,400 equity shares outstanding on a pre-issue basis. The IPO arrives amid a period of cautious optimism in the broader Indian markets. As of mid-February 2026, the Nifty 50 has been navigating a consolidation phase around the 25,650 to 26,000 levels. While global volatility and high valuations have prompted selective profit-booking, consumption-linked sectors have shown resilience. The Indian gems and jewellery sector continues to benefit from structural shifts. Market valuation for the industry is projected to reach $168.62 billion by 2030, driven by a compound annual growth rate of 8.93%. Recent trade updates, including zero duty on diamond imports and revised tariff frameworks, have bolstered the competitive positioning of domestic players. Investors are closely monitoring the company's regional concentration, as over 95% of its current revenue is generated within Maharashtra. The planned expansion serves as a strategic move to diversify this footprint and capture a larger share of the organized jewellery retail market, which is increasingly favored by Indian consumers for its transparency and certified quality.