PNGS Reva Diamond Jewellery has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI), seeking its approval to raise Rs 450 crore through an initial public offering (IPO). The company's IPO is entirely a fresh issue of equity shares.
Proceeds of the issue to the tune of Rs 286.56 crore will be used for setting-up 15 new stores by fiscal year 2028; Rs 35.40 crore for marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of the flagship brand, ‘Reva’, and a portion will be used for general corporate purposes. Smart Horizon Capital Advisors is the sole book-running lead manager of the issue. The equity shares are proposed to be listed on the NSE and BSE.
PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons, sold its diamond jewellery business through a slump sale. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market. It is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery.
