New Delhi, 04 March (H.S.):

Shares of diamond jewelry firm PNGS Reva Diamond Jewellery Limited listed weakly on the BSE Wednesday, opening at a 3.60% discount to its IPO price of ₹386 and disappointing investors amid broader market volatility.

The stock debuted at ₹372, slipped to a low of ₹360 under selling pressure, briefly recovered to ₹380 on buying interest, and traded at ₹374 by 11:30 AM—leaving IPO allottees with a ₹12 per share (3.11%) paper loss so far.

Lukewarm IPO and Funds Use

The ₹380 crore fresh issue, open February 24-26, saw tepid demand with 1.23x overall subscription: QIBs at 1.04x, NIIs at 1.54x, and retail at 1.29x. Proceeds will fund 15 new stores by 2028, Reva brand marketing, and general corporate purposes.

Volatile Financial Track Record

Financials filed with SEBI show fluctuations: Net profit swung from ₹51.75 crore (FY23) to ₹42.41 crore (FY24), then ₹59.47 crore (FY25), and ₹20.13 crore (H1 FY26 ending Sept 30, 2025). Revenue followed suit: ₹199.35 crore (FY23), ₹196.24 crore (FY24), ₹259.11 crore (FY25), and ₹157.12 crore (H1 FY26).Debt rose sharply from zero (FY24) to ₹90.65 crore (FY25) and ₹130.25 crore (H1 FY26), though reserves improved to ₹95.33 crore (FY25) and ₹98.44 crore (H1 FY26). EBITDA dipped to ₹56.14 crore (FY24) before rebounding to ₹79.61 crore (FY25) and ₹30.79 crore (H1 FY26).

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Hindusthan Samachar / Jun Sarkar