IPO Watch, June 18 -- Pune-based jeweller PNGS Reva Diamond Jewellery has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to secure Rs.450 crore through an Initial Public Offering (IPO).

PNGS Reva Diamond Jewellery is a retail-focused jewellery brand engaged in selling a diverse array of jewellery crafted from diamonds and precious and semi-precious stones set in precious metals like gold and platinum.

The company was established following a strategic disinvestment by its corporate promoter, P.N. Gadgil & Sons Limited, who completed a slump sale of their diamond division.

This business transfer agreement allowed PNGS Reva Diamond Jewellery to create a separate identity in the marke...