Jaipur-based handcrafted jewellery brand Advit Jewels has entered its third and final day of bidding. Market excitement is evident in the grey market, where the IPO is commanding a grey market premium (GMP) of around 38%.
The IPO has already witnessed overwhelming demand. By the close of Day 2, the issue was subscribed 44.16 times, reflecting strong confidence among investors. Retail participation has been particularly impressive, with the retail quota booked 35.46 times, underscoring healthy interest from individual investors.
The Rs 165.16 crore public issue consists entirely of a fresh issue of 1.20 crore equity shares, with no Offer for Sale (OFS) component. This means the company will receive the entire proceeds raised from the issue. Shares are being offered in a price band of Rs 130–138, and retail investors can apply for a minimum lot of 100 shares, which translates to an investment of Rs 13,800 at the upper price band.
The allotment is expected to be finalised on June 29, while the shares are slated to debut on the NSE and BSE on July 1, 2026, subject to regulatory clearances.
Advit Jewels IPO GMP today
Buzz around the IPO is also visible in the grey market. The stock is currently trading at a GMP of around Rs 52, which is roughly 38% above the upper issue price of Rs 138. If these trends hold, the shares could list near Rs 190, pointing to strong listing-day expectations.
That said, investors should remember that GMP is an unofficial indicator and does not guarantee actual listing performance or long-term returns.
Subscription Status: Demand Remains Strong
The IPO attracted robust demand across investor categories on Day 2.
Overall subscription: 44.16 times
Retail Individual Investors (RII): 35.46 times
Non-Institutional Investors (NII): 121.16 times
Qualified Institutional Buyers (QIB): 1.56 times
While the NII segment has emerged as the biggest driver of demand with a massive 121-fold subscription, retail investors have also shown strong conviction. Institutional participation has been comparatively moderate so far, though final-day bids could further boost the numbers.
With strong subscription figures and a hefty grey market premium, Advit Jewels has emerged as one of the most closely watched IPOs of the season.
How Advit Jewels Plans to Deploy IPO Proceeds
Advit Jewels plans to use the IPO proceeds primarily to strengthen its financial position and support future growth initiatives. A major portion—Rs 65 crore—will be allocated toward incremental working capital requirements, enabling the company to sustain day-to-day operations and fuel business expansion.
Another Rs 65 crore is earmarked for repayment or prepayment of existing borrowings, which is expected to lower debt levels and improve the company’s balance sheet strength.
The balance funds will be directed toward general corporate purposes, giving the company additional flexibility to pursue strategic and operational priorities. Overall, the planned debt reduction is expected to enhance profitability and improve financial agility in the coming years.
A Jaipur-Based Heritage Jewellery Brand
Headquartered in Jaipur, Rajasthan—a major hub for India’s gemstone and jewellery industry—Advit Jewels operates under the Rambhajo brand, specialising in handcrafted fine jewellery.
Its offerings span traditional and contemporary designs, including Kundan, Polki, diamond-studded, and gemstone jewellery. By blending traditional craftsmanship with modern design sensibilities, the company has built a niche in culturally rooted yet evolving jewellery preferences.
The product portfolio includes necklaces, earrings, rings, bangles, and bespoke pieces, crafted in 14-carat and 18-carat gold. While the company primarily follows a B2B model, supplying wholesalers, retailers, and showrooms, it also caters to select B2C customers through customised, made-to-order jewellery.
A key differentiator is its focus on personalised jewellery solutions, tailored to customer tastes, cultural needs, and emerging market trends.
Advit Jewels operates a fully integrated manufacturing facility in Jaipur, spread across 6,450 sq. ft., equipped with modern technologies such as 3D printers, casting systems, and polishing machines.
The entire production process—from gold processing and stone setting to polishing and quality inspection—is handled in-house. Skilled artisans form a significant part of the workforce, and each piece undergoes multiple quality checks before reaching the market.
Advit Jewels has demonstrated strong growth momentum in recent years, supported by steady expansion in both revenue and profitability. For the nine months ended December 31, 2025, the company reported revenue from operations of Rs 123.79 crore, reflecting healthy business traction across its jewellery offerings. During the same period, it posted a net profit of Rs 25.44 crore, indicating improved earnings performance alongside its expanding operational scale.
Brokerage SBI Securities has assigned a “Subscribe” rating to the IPO, noting that the issue is valued at a P/E of 18.6x (annualised 9MFY26 earnings at the upper price band). While slightly above some peers, the premium is considered justified due to the company’s strong growth trajectory and superior profitability.
SBI Securities highlighted the company’s stronger operating margins compared to many B2B jewellery players, along with improving financial discipline. Despite a relatively heavy working capital cycle due to high inventory requirements, the company has been generating positive operating cash flows and gradually reducing debt through internal accruals.
The brokerage further noted that IPO-driven debt repayment could meaningfully enhance future earnings and return ratios.
Research firm Equivision also issued a “Subscribe” rating, citing robust revenue growth, improving profitability, and a solid position in the organised jewellery market. It emphasised expanding product lines, rising demand, and growing visibility through jewellery exhibitions as key positives.
However, it also flagged key risks such as dependence on gold and gemstone price volatility, customer concentration, and operational reliance on Jaipur-based manufacturing.
