Advit Jewels IPO opens: Check brokerage review, GMP, subscription and other details

The IPO of Advit Jewels opened for subscription on Tuesday, with grey market trends indicating strong investor interest. The company's shares commanded a grey market premium (GMP) of around 40% ahead of the issue opening, suggesting a healthy listing gain if sentiment holds.

The IPO is being offered at a fixed price of Rs 138 per share and will remain open for subscription from June 23 to June 25. The shares are proposed to be listed on the BSE and NSE platforms on July 1.

The issue is entirely a fresh issue of 1.19 crore shares, with the company aiming to raise around Rs 165 crore. Holani Consultants is the lead manager to the issue, while Bigshare Services is acting as the registrar.

Jewellery maker plans debt reduction and working capital support

Jaipur-based Advit Jewels manufactures and supplies handcrafted Kundan, Polki, diamond and studded jewellery under the "Rambhajo" brand. The company caters to both B2B customers, including dealers and retailers, as well as made-to-order jewellery buyers.


According to the offer document, the proceeds from the IPO will be used for working capital requirements, repayment of borrowings, and general corporate purposes.

At the upper issue price, the company is valued at a post-issue P/E of about 17.4 times FY25 earnings, according to the IPO note.

Financial performance

Advit Jewels has reported steady growth in recent years. Revenue rose to Rs 124.9 crore in FY25 from Rs 69.4 crore in FY24, while profit after tax increased to Rs 25.4 crore from Rs 14.7 crore during the same period.

For the nine months ended December FY26, the company reported revenue of Rs 123.8 crore and profit after tax of Rs 25.4 crore, indicating continued business momentum.

The company reported a return on equity of 55.8% in FY25, while debt-to-equity stood at 1.29 times.

What analysts say

Research firm Equivision has assigned a "Subscribe" rating to the issue, citing the company's strong revenue growth, improving profitability and established presence in the organised jewellery market.

The brokerage noted that Advit Jewels has benefited from expanding product offerings, increasing customer demand and participation in major jewellery exhibitions. It also highlighted the company's plans to strengthen its brand presence and expand its customer network across Tier-1 and Tier-2 cities.

However, analysts flagged risks including dependence on gold, diamond and precious stone prices, customer concentration and the company's reliance on Jaipur-based manufacturing operations.

With a 40% GMP, the IPO is attracting attention from investors looking for listing gains. Subscription trends over the next three days will provide a clearer picture of institutional and retail demand.

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