Mumbai-based PNGS Reva Diamond Jewellery Limited has fixed the price band at Rs 367 to Rs 386 per equity share of face value Rs 10 for its initial public offering (IPO).

The IPO will open for subscription on Tuesday, February 24, 2026, and close on Thursday, February 26, 2026. Investors can bid for a minimum of 32 equity shares and in multiples of 32 thereafter.

As of the date of the pre-issue and price band advertisement, the company had 21,866,400 equity shares outstanding. The IPO comprises a fresh issue aggregating up to Rs 3,800 million.

According to the company, Rs 2,865.64 million from the fresh issue proceeds will be allocated towards capital expenditure for setting up 15 new stores. An additional Rs 354.00 million will be used for marketing and promotional expenses related to the launch of these stores, aimed at increasing local brand awareness and visibility of its flagship brand, Reva, in their respective markets. The remaining funds will be utilised for general corporate purposes.

The issue is being made through the book-building process. Not less than 75% of the net issue will be available for allocation to qualified institutional buyers (QIBs), while not more than 15% will be allocated to non-institutional investors and not more than 10% to retail individual investors.

In consultation with Smart Horizon Capital Advisors Private Limited (formerly known as Shreni Capital Advisors Private Limited), the company determined the price band for the issue.

For the six months ended September 30, 2025, PNGS Reva Diamond Jewellery reported revenue from operations of Rs 1,567.18 million and a net profit of Rs 201.33 million.

For FY25, the company recorded revenue from operations of Rs 2,581.83 million compared with Rs 1,988.48 million in FY23. Net profit stood at Rs 594.74 million in FY25, compared with Rs 517.47 million in FY23.

Smart Horizon Capital Advisors Private Limited is the book running lead manager to the issue. Bigshare Services Private Limited has been appointed as the registrar.