Over 200x subscription! Advit Jewels becomes the hottest IPO of 2026; GMP at 41%

The issue witnessed overwhelming demand across investor categories. The non-institutional investor (NII) portion was subscribed 536.38 times, while the qualified institutional buyer (QIB) quota received bids for 174.98 times the shares reserved. The retail investor segment was subscribed 95.29 times.

The subscription surpassed all IPOs launched so far this year, underscoring the strong appetite for quality SME offerings despite a mixed broader primary market.

Advit Jewels had opened for subscription on June 23 at a fixed issue price of Rs 138 per share and is scheduled to list on July 1. The IPO comprised an entirely fresh issue of 1.19 crore shares, with the proceeds earmarked for working capital requirements, repayment of borrowings and general corporate purposes.


The strong response comes after the IPO had already attracted attention in the grey market. Ahead of the issue opening, the shares were commanding a grey market premium (GMP) of around 41%, indicating expectations of healthy listing gains, although GMP is an unofficial indicator and may not reflect the actual listing performance.

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

The company has reported robust financial growth in recent years. Revenue nearly doubled to Rs 124.9 crore in FY25 from Rs 69.4 crore a year earlier, while net profit rose to Rs 25.4 crore from Rs 14.7 crore. For the nine months ended December FY26, it posted revenue of Rs 123.8 crore and profit after tax of Rs 25.4 crore, indicating sustained business momentum.

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Brokerage Equivision had assigned a "Subscribe" rating to the IPO, citing the company's strong earnings growth, improving profitability and established position in the organised jewellery market. It also highlighted Advit Jewels' plans to expand its customer network and strengthen its brand presence across Tier-I and Tier-II cities, while cautioning that fluctuations in gold and diamond prices and customer concentration remain key risks.

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