PNGS Reva Diamond IPO opens with modest expectations. The Rs 380 crore initial public offering, which opened Tuesday with a price band of Rs 367 to Rs 386 per share, shows grey market premium indicating around 3% listing gains. The jewellery retailer plans to expand aggressively, allocating Rs 286.56 crore for 15 new stores across Maharashtra, Gujarat and Karnataka. Financial performance remains strong with FY25 revenue reaching Rs 259.11 crore, up 32% year-on-year, and net profit at Rs 59.47 crore. The company's EBITDA margin of 30.7% demonstrates solid operating profitability. Trading at a pre-IPO PE multiple of 10.96 times FY25 earnings, analysts view the valuation as reasonable compared to peers. The IPO closes February 26 with listing scheduled for March 4 on BSE and NSE.
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