New Delhi. The shares of PNGS Reva Diamond Jewelery Limited, a company working in the diamond jewelery production sector, disappointed its IPO investors by entering the stock market at a discount today. Under the IPO, the company’s shares were issued at a price of Rs 386.
Today it was listed on BSE at the level of Rs 372 with a discount of 3.60 percent. Due to selling pressure after listing, this share fell to the level of Rs 360. At the same time, when buying pressure became strong, it also succeeded in reaching the level of Rs 380.
Amid continuous buying and selling in the market, the company’s shares were trading at the level of Rs 374 at 11:30 pm. In this way, the company’s IPO investors have suffered a loss of Rs 12 per share i.e. 3.11 percent in the trading so far.
The Rs 380 crore IPO of PNGS Reva Diamond Jewelery Limited was open for subscription between February 24 and 26. This IPO received a tepid response from investors, due to which it was subscribed 1.23 times overall.
Of these, the reserve portion for Qualified Institutional Buyers (QIB) was subscribed 1.04 times. At the same time, there was 1.54 times subscription in the reserve portion for Non-Institutional Investors (NII). Similarly, the reserve portion for retail investors was subscribed 1.29 times.
Under this IPO, 98,44,559 new shares with face value of Rs 10 have been issued. The company will use the funds raised through the IPO to open 15 new stores by 2028, marketing and promotion of the Reva brand, and for general corporate purposes.
Talking about the financial condition of the company, as per the claims made in the Draft Red Herring Prospectus (DRHP) submitted to the capital market regulator SEBI, its financial health has been fluctuating. In the financial year 2022-23, the company had a net profit of Rs 51.75 crore, which decreased to Rs 42.41 crore in the next financial year 2023-24 and jumped to the level of Rs 59.47 crore in the financial year 2024-25.
The company has made a net profit of Rs 20.13 crore in the first half of the current financial year i.e. from April to September 30, 2025. During this period, the company’s revenue receipts also kept fluctuating.
It received a total revenue of Rs 199.35 crore in the financial year 2022-23, which decreased to Rs 196.24 crore in the financial year 2023-24 and jumped to Rs 259.11 crore in the financial year 2024-25. In the first half of the current financial year i.e. from April to September 30, 2025, the company has received a revenue of Rs 157.12 crore.
During this period, the debt burden on the company also increased. The company was debt free till the financial year 2023-24, but after that in 2024-25 the company faced a debt burden of Rs 90.65 crore. In the first half of the current financial year i.e. from April to September 30, 2025, the company had a debt burden of Rs 130.25 crore.
The company’s reserve and surplus position improved during this period. The company had a negative balance in its reserve and surplus account till 2023-24, but its position improved in 2024-25. This year an amount of Rs 95.33 crore came into the reserve and surplus account of the company. Similarly, in the first half of the current financial year i.e. from April to September 30, 2025, this amount reached the level of Rs 98.44 crore.
Similarly, EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) was at the level of Rs 68.73 crore in 2022-23, which decreased to Rs 56.14 crore in 2023-24. At the same time, in 2024-25, the EBITDA of the company jumped to the level of Rs 79.61 crore. In the first half of the current financial year i.e. from April to September 30, 2025, it was at the level of Rs 30.79 crore.
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