PNGS Reva Diamond Jewellery has taken a major step toward going public by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on February 13, 2026. The company plans to raise up to ₹450 crore through an Initial Public Offering (IPO), marking its transition from a privately held jewellery retailer to a publicly listed company.
The proposed IPO will be entirely a fresh issue of equity shares. This means that no existing shareholders will sell their stake through an Offer For Sale (OFS). The full ₹450 crore raised will go directly to the company, strengthening its balance sheet and supporting expansion plans. As per the DRHP, the issue allocation will follow the standard structure, with 75% reserved for Qualified Institutional Buyers (QIBs), 15% allocated to Non-Institutional Investors (NIIs), and 10% earmarked for retail investors.
PNGS Reva Diamond Jewellery operates as a retail-focused jewellery brand specializing in diamond and precious stone-studded gold and platinum jewellery. In addition to studded jewellery, the company also sells plain platinum jewellery such as rings, chains, and bracelets. The brand caters to urban customers seeking modern jewellery designs, especially in western and southern India.
As of March 2025, the company operated 33 retail stores across 25 cities in Maharashtra, Karnataka, and Gujarat. Its total operational area stands at 599.15 running feet. PNGS Reva follows two franchise-based operating models: Franchise-Owned and Company-Operated (FOCO) and Franchise-Owned and Franchise-Operated (FOFO). This asset-light expansion model allows the brand to scale while maintaining operational efficiency.
The company intends to use the IPO proceeds primarily for expansion and brand development. A key objective is to establish 15 new brand-exclusive stores, focusing on Tier-1 cities and selected Tier-2 cities. The management believes that expanding its physical footprint will enhance brand visibility and increase revenue potential in competitive jewellery markets.
A portion of the funds will also be allocated toward marketing and promotional activities. Strengthening the “Reva” brand identity is seen as critical as the company enters new geographies. The remaining funds will be used for general corporate purposes, which typically include working capital requirements, administrative expenses, and operational support.
Post regulatory approvals and completion of the IPO process, PNGS Reva plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Smart Horizon Capital Advisors has been appointed as the book-running lead manager for the issue, while Bigshare Services will act as the registrar.
The IPO filing signals the company’s growth ambitions and confidence in India’s organised jewellery retail market. With increasing consumer preference for branded jewellery and expansion into Tier-1 and Tier-2 cities, PNGS Reva aims to strengthen its market presence through fresh capital infusion.