Advit Jewels IPO opens tomorrow: GMP at 47%; SBI Securities recommends 'Subscribe'

Advit Jewels IPO, the public issue of Jaipur-based handcrafted jewellery maker Advit Jewels, will open for subscription on June 23, 2026. Ahead of the launch, the IPO is attracting strong interest in the grey market, with shares commanding a premium of around 47% over the upper price band.

At the current grey market premium (GMP), the stock is estimated to list at around Rs 202 per share, compared with its issue price of Rs 138, indicating robust investor sentiment.

The Rs 165.16 crore Advit Jewels IPO is a completely fresh issue comprising 1.20 crore equity shares, with the company not offering any stake sale through an offer-for-sale (OFS) route.


The IPO will open for bidding on June 23, 2026, and close on June 25, 2026. Share allotment is likely to be completed by June 29, while the company's shares are expected to make their stock market debut on the NSE and BSE on July 1, 2026.

The company has set the IPO price band at Rs 130-Rs 138 per share. Retail investors can bid for a minimum of 100 shares, translating into an investment of Rs 13,800 at the upper end of the price band.

How company plans to use the funds

The company intends to utilize the proceeds from the IPO primarily to strengthen its balance sheet and support its future growth plans. A significant portion of the funds, amounting to Rs 65 crore, will be deployed to meet the company's incremental working capital requirements, helping it support ongoing operations and business expansion.

In addition, Rs 65 crore will be used toward the repayment or prepayment of existing borrowings, which is expected to reduce debt levels and improve the company's overall financial position.

The remaining proceeds from the issue will be allocated for general corporate purposes, providing the company with greater financial flexibility to pursue strategic and operational objectives.

The planned debt reduction is expected to improve profitability and enhance financial flexibility in the coming years.

A Heritage Jewellery Brand from Jaipur

Headquartered in Jaipur, Rajasthan, one of India's most renowned gemstone and jewellery hubs, Advit Jewels manufactures and sells handcrafted fine jewellery under the Rambhajo brand.

The company specializes in traditional and contemporary jewellery, including Kundan, Polki, diamond-studded and gemstone jewellery. Combining age-old craftsmanship with modern aesthetics, Advit Jewels has built a reputation for creating pieces that reflect both cultural heritage and evolving consumer preferences.

Its product portfolio includes necklaces, earrings, rings, bangles and bespoke jewellery crafted in 14-carat and 18-carat gold. The company primarily operates through a B2B model, supplying dealers, showrooms and jewellery retailers, while also catering to select B2C customers through customized and made-to-order collections.

One of Advit Jewels' key strengths lies in its ability to offer customized jewellery tailored to specific customer preferences, cultural requirements and market trends.

The company operates a fully integrated manufacturing facility in Jaipur with a built-up area of 6,450 sq. ft.. Equipped with modern technologies such as 3D printers, casting units and polishing machines, the facility handles the complete production process under one roof, from gold processing and stone setting to polishing and quality inspection.

A large portion of the workforce comprises skilled artisans, and every jewellery piece undergoes multiple quality checks before reaching customers.

Advit Jewels Financial Performance

Advit Jewels has delivered strong financial growth in recent years, reflecting the steady expansion of its business operations and profitability.

For the nine-month period ended December 31, 2025, the company reported revenue from operations of Rs 123.79 crore. During the same period, it recorded a net profit of Rs 25.44 crore, highlighting its ability to generate healthy earnings alongside revenue growth.

SBI Securities Recommends ‘Subscribe’

Brokerage firm SBI Securities has assigned a 'Subscribe' rating to the issue.

According to the brokerage, Advit Jewels is valued at an annualized P/E multiple of 18.6x based on its 9MFY26 earnings at the upper price band. While the valuation appears higher than some peers, SBI Securities believes the premium is justified by the company's superior growth profile and profitability.

The brokerage highlighted that Advit Jewels enjoys stronger operating margins than many B2B jewellery peers. Although the business requires maintaining higher inventory levels, resulting in a longer working capital cycle, the company has shown improving financial discipline by generating positive operating cash flows and reducing debt through internal accruals.

SBI Securities also noted that the planned repayment of outstanding borrowings through IPO proceeds could further enhance earnings and profitability going forward.

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