Pushpa Jewellers IPO listing today. Check GMP ahead of debut

Pushpa Jewellers is all set to debut on the NSE SME platform on July 7 after receiving a decent response to its IPO. The issue, which closed on July 2, was subscribed 2.46 times overall, with the highest interest from retail investors. The grey market premium (GMP) stands at Rs 0, suggesting that the stock may list close to its issue price of Rs 147 per share.

The Rs 98.65 crore issue was a combination of fresh shares worth Rs 78.94 crore and an offer for sale of Rs 19.71 crore. Bidding for the IPO took place between June 30 and July 2, and allotments were finalised on July 3. Shares were credited to demat accounts by July 4.

The company allocated Rs 45.39 crore from the fresh issue towards working capital requirements, with the remainder earmarked for establishing a new showroom in Vijayawada and general corporate purposes.


The IPO saw 3.71x subscription from retail investors, while non-institutional investors and QIBs subscribed 2.51x and 1.18x respectively. The company also raised Rs 14.05 crore from anchor investors ahead of the public issue.

Pushpa Jewellers, founded in 2009, is engaged in the wholesale and B2B sale of lightweight 22kt traditional and modern gold jewellery. It has showrooms in Hyderabad, Bengaluru, and Chennai, and exports to Dubai, the US, and Australia.

The jeweller reported Rs 281 crore in revenue and Rs 22.3 crore in profit for FY25, reflecting strong growth over FY24.

While the issue was met with steady demand, the lack of a GMP indicates that market participants are taking a wait-and-watch approach ahead of Monday’s listing.

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