Funds to the tune of Rs 286.56 crore will be used to set up 15 new stores by FY 2028, and Rs 35.40 crore for marketing and promotional expenses related to the launch of these new stores in a bid to enhance visibility of Brand Reva
Pune: PNGS Reva Diamond Jewellery, promoted by legacy jeweller PN Gadgil & Sons, has filed preliminary papers with market regulator Securities and Exchange Board of India (SEBI) seeking approval to raise Rs 450 crore through an initial public offering (IPO).
Proceeds from the IPO will be used to shore up the brand’s retail network – funds to the tune of Rs 286.56 crore will be used for setting up 15 new stores by FY 2028; Rs 35.40 crore for marketing and promotional expenses related to the launch of these new stores in an endeavour to enhance visibility of the brand ‘Reva’, and some of the funds will be allocated for general corporate purposes.
These new stores will be owned and operated by PNGS Reva Diamond Jewellery, and retail products solely under the Reva brand. They will be located across India with a focus on Tier I cities and selectively exploring Tier II cities in Maharashtra and some metro-cities in India. The new stores will comprise four small format stores (with an area of 1,000 square feet), six medium format stores (with an area of 1,200 square feet) and five large format stores (with an area of 1,500 square feet).
PNGS Reva Diamond Jewellery was created after its corporate promoter, P N Gadgil & Sons Ltd, undertook a disinvestment via a slump sale of its diamond business in favour of Reva pursuant to a business transfer agreement dated January 31, 2025. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market.
PNGS Reva Diamond Jewellery’s revenue from operations grew by 32% to Rs 258.18 crore in fiscal year 2025, from Rs 195.63 crore in the preceding fiscal and profit rose by 40 % to Rs 59.47 crore in fiscal 2025, from Rs 42.41 crore in the previous fiscal.
The Pune-based company’s IPO is entirely a fresh issue of equity shares, according to its draft red herring prospectus (DRHP) filed on June 17, 2025. 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.
Reva is a retail-focused jewellery brand selling a wide range of gold and platinum jewellery studded with diamonds under the flagship brand ‘Reva’. Reva’s retail network comprises shops-in-shop (SIS) in dedicated spaces within the premises of retail stores operated by P.N. Gadgil & Sons Limited, allowing it to leverage their established infrastructure and customer footfalls while maintaining its brand identity. As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka. The stores operate on both franchise owned and company operated (FOCO) and franchise owned and franchise operated (FOFO) model.
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