PNGS Reva Diamond IPO Brief **PNGS Reva Diamond Jewellery** has successfully secured **Rs 170.58 crore** from anchor investors ahead of its initial public offering. The company allotted **44,19,200 equity shares** at a fixed price of **Rs 386 per share** to a mix of global and domestic institutions. Key participants in the anchor round included **Citigroup Global Markets Mauritius** and **Société Générale**. From the domestic side, **Tata India Consumer Fund** and **Groww Mutual Fund** provided significant support, highlighting institutional confidence in the brand's diamond-centric retail model. The main public issue, valued at **Rs 380 crore**, opens for subscription on **February 24, 2026**, and will close on **February 26, 2026**. The offer is structured as a book-building route with a price band of **Rs 367 to Rs 386 per share**. Investors must bid for a minimum lot of **32 shares**, requiring an outlay of **Rs 12,352** at the upper cap. Market sentiment remains cautiously optimistic. Unofficial grey market premiums (GMP) as of **February 23, 2026**, indicate a potential listing gain of approximately **5.70%**, with shares trading near **Rs 408**. Strategic Utilization of Funds The IPO is entirely a fresh issue of shares. The company has earmarked **Rs 286.56 crore** of the proceeds to expand its retail footprint by opening **15 new Company Owned Company Operated (COCO) stores** by FY2028. An additional **Rs 35.40 crore** is allocated for marketing to bolster brand awareness in Tier-1 and Tier-2 cities. Financial Health and Sector Context PNGS Reva reported **Rs 258.18 crore** in revenue for FY2025 with a profit after tax of **Rs 59.47 crore**. While the brand maintains a high **PAT margin of 23%**, recent H1FY2026 data shows a rise in inventory to **Rs 313 crore**, reflecting the capital-intensive nature of the diamond trade. The sector is currently buoyed by the **Union Budget 2026**, which maintained stable customs duties on gold and silver. However, retail gold prices remain volatile; as of late February, **24K gold** is trading near **Rs 159,390 per 10 grams** in Mumbai. Despite price fluctuations, the organized jewelry market is projected to reach **$130 billion to $150 billion** in the coming decade, driven by rising disposable incomes and a shift toward branded luxury. Issue Structure * **QIB Reservation:** 75% of the offer * **Retail Reservation:** 10% of the offer * **NII Reservation:** 15% of the offer * **Listing Date:** Tentatively scheduled for **March 4, 2026**, on BSE and NSE.