Advit Jewels IPO Day 3: Subscribed over 93x, GMP at 40% listing gains. Should you subscribe?

Jaipur-based handcrafted jewellery brand Advit Jewels’ IPO has been subscribed 93.08 times on the third and final day of bidding, against a total offer of 83.79 lakh shares. The retail segment led the response with a subscription of 58.26 times, indicating strong participation from individual investors.

Market excitement is also reflected in the grey market, where the IPO is commanding a grey market premium (GMP) of around 40%.


The Rs 165.16 crore IPO is a fresh issue of 1.20 crore equity shares with no offer-for-sale (OFS) component. As a result, the company will receive the entire proceeds. The price band is fixed at Rs 130–Rs 138 per share, and retail investors can bid for a minimum lot of 100 shares, requiring an investment of Rs 13,800 at the upper end.

The basis of allotment is expected to be finalised by June 29. Subject to regulatory approvals and completion of post-issue formalities, the shares are scheduled to list on the NSE and BSE on July 1, 2026.

Advit Jewels IPO Subscription Status – Day 3

The IPO continued to receive strong demand on Day 3, being subscribed 93.08 times overall as of 11:30 am.

Retail Individual Investors (RII) subscribed 58.26 times their reserved quota of 41.90 lakh shares.

Demand was even stronger in the Non-Institutional Investors (NII) category, which was subscribed 275.43 times against its allocation of 17.96 lakh shares.

The Qualified Institutional Buyers (QIB) segment saw comparatively muted interest, with subscriptions of 17.12 times its allocation of 23.92 lakh shares.

Advit Jewels IPO GMP Today

Strong investor demand is also reflected in the grey market, where the IPO is commanding a GMP of around 40%. Based on the upper price band of Rs 138, this implies an estimated listing price of about Rs 193, suggesting strong listing expectations.

However, investors should note that GMP is an unofficial indicator and does not guarantee listing-day performance or returns.

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.

Financial Performance

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 View

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.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)