PNGS Reva Diamond Jewellery IPO Opens: Should You Subscribe to the ₹380 Crore Issue?

• PNGS Reva Diamond Jewellery's ₹380 crore IPO opens February 24-26, with anchor investors already raising ₹170.58 crore.
• The IPO price band is ₹367-₹386 per share; shares command a 3.11% premium in the grey market.
• SBI Securities gives a 'Neutral' rating, citing high PAT margins (23% in FY25) due to diamond focus but warns of risks from the 'Shop-in-Shop' model.
• Choice Broking and Arihant Capital recommend 'Subscribe for long term', highlighting the company's position in organized diamond jewellery and growth potential.
• Proceeds will fund 15 new stores, marketing for the "Reva" brand, and general corporate needs; revenue grew 32% to ₹258.18 crore in FY25.