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PNGS Reva Diamond Jewellery has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 450 crore through an initial public offering (IPO).

The Pune-based company's IPO is entirely a fresh issue of equity shares, according to the draft red herring prospectus (DRHP) filed on Tuesday.

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.

PNGS Reva Diamond Jewellery was created after its promoter, P N Gadgil & Sons Ltd, 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. As of March 31, 2025, the company had 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka.

On the financial front, PNGS Reva Diamond Jewellery's revenue from operations grew by 32 per cent to Rs 258.18 crore in fiscal year 2025, from Rs 195.63 crore in the preceding fiscal and profit rose by 40 per cent to Rs 59.47 crore in fiscal 2025, from Rs 42.41 crore in the the previous fiscal.

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. 

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)