Jaipur-Based Jewellery Maker Targets ₹165 Crore Through Fresh Issue; Strong Grey Market Buzz Signals Positive Listing Expectations

The primary market is set to witness another closely watched public offering as Advit Jewels launches its ₹165.16 crore Initial Public Offering (IPO) on June 23, 2026. Ahead of the subscription opening, the Jaipur-based jewellery manufacturer has generated significant interest among investors, with its Grey Market Premium (GMP) climbing to nearly 46%, indicating strong demand in the unofficial market.

The IPO comes at a time when investor appetite for quality consumer and lifestyle businesses remains robust, particularly companies operating in the organized jewellery segment, which continues to benefit from rising disposable incomes, growing preference for branded jewellery, and increasing wedding-related demand across India.

GMP Signals Strong Market Confidence

According to market sources, shares of Advit Jewels were trading at around ₹201 in the grey market, reflecting a premium of ₹63 over the upper price band of ₹138.

The GMP of approximately 45.65% suggests that investors are expecting a healthy listing gain when the stock debuts on the exchanges on July 1. While grey market trends are unofficial and subject to change, they often provide an early indication of investor sentiment towards an IPO.

A strong GMP ahead of the issue opening has helped place Advit Jewels among the most discussed public offerings in the current IPO pipeline.

IPO Details at a Glance

Advit Jewels' IPO consists entirely of a fresh issue of 1.20 crore equity shares aggregating ₹165.16 crore. The issue does not include any Offer for Sale (OFS), meaning the entire proceeds will flow directly into the company.

Key IPO Details

• Issue Size: ₹165.16 crore
• Price Band: ₹130 – ₹138 per share
• Lot Size: 100 shares
• Minimum Investment: ₹13,800
• IPO Opens: June 23, 2026
• IPO Closes: June 25, 2026
• Allotment Date: June 29, 2026
• Listing Date: July 1, 2026
• Lead Manager: Holani Consultants
• Registrar: Bigshare Services

Retail investors can bid for a minimum of one lot comprising 100 shares, while the maximum investment limit under the retail category stands at ₹1.93 lakh for 14 lots.

Brokerages Recommend ‘Subscribe’

The IPO has received favourable reviews from brokerage houses including SMIFS and Marwadi Financial Services, both of which have recommended subscribing to the issue.

According to analysts, Advit Jewels offers investors exposure to the growing premium handcrafted jewellery segment, supported by strong manufacturing capabilities, an established customer network, and multiple growth drivers.

Brokerages believe the company's integrated business model and scalable operations provide a solid foundation for long-term growth.

What Makes Advit Jewels Stand Out?

Founded in 2019, Advit Jewels specializes in designing and manufacturing premium handcrafted jewellery under its flagship "Rambhajo" brand.

The company has built expertise in traditional Indian jewellery categories such as:

• Kundan Jewellery
• Polki Jewellery
• Jadau Jewellery
• Diamond Jewellery
• Studded Jewellery

Its product portfolio includes necklaces, earrings, rings, bangles, bridal collections and customized jewellery crafted primarily in 14K and 18K gold.

Currently, the company derives a major portion of its business from the B2B segment, supplying jewellery to dealers, retailers and jewellery showrooms across India.

Growth Drivers That Could Fuel Future Expansion

Expansion Through Flagship Retail Store

One of the biggest growth catalysts for Advit Jewels is the launch of its upcoming flagship showroom in Jaipur spanning nearly 27,790 square feet.

The showroom is expected to strengthen brand visibility and help the company increase its direct-to-consumer (B2C) presence.

Franchise-Led Expansion Model

The company plans to adopt an asset-light franchise strategy to expand its footprint across Tier-I and Tier-II cities.

This model could allow faster expansion while limiting capital expenditure requirements.

Increasing Focus on B2C Business

Advit Jewels is gradually shifting towards higher-margin retail sales, which could improve profitability and brand recognition over the medium term.

Product Innovation and Design Strength

With more than 2,000 jewellery designs in its portfolio, the company continues to focus on innovation, customization and evolving consumer preferences.

Digital Marketing Initiatives

Management is also investing in digital engagement strategies to enhance customer acquisition and improve brand awareness among younger jewellery buyers.

Strong Financial Performance Supports Investment Case

Advit Jewels has delivered impressive growth over the past few years, supported by rising demand and expanding market reach.

Between FY23 and FY25:

• Revenue grew at a CAGR of 63.7%
• Profit After Tax (PAT) increased at a CAGR of 56.2%

The company has maintained healthy margins and return ratios despite operating in a highly competitive industry.

Analysts believe this consistent growth track record demonstrates strong execution capabilities and efficient management practices.

Valuation Appears Reasonable Compared to Growth Prospects

At the upper price band of ₹138 per share, Advit Jewels is valued at around 17 times FY25 earnings according to SMIFS estimates.

Marwadi Financial Services estimates the issue is priced at approximately:

• 18.6x annualized earnings
• 24.9x FY25 post-issue earnings

With an estimated market capitalization of around ₹632 crore post-listing, analysts believe the valuation remains attractive considering the company's growth trajectory, profitability profile and expansion plans.

Utilisation of IPO Proceeds

The company intends to deploy the IPO proceeds towards strengthening its balance sheet and supporting future growth.

Key Utilisation Areas

• Funding incremental working capital requirements
• Repayment and prepayment of existing borrowings
• General corporate purposes

Reduction in debt levels is expected to improve financial flexibility and support future expansion initiatives.

Risks Investors Should Keep in Mind

While the investment case appears strong, investors should also consider potential risks.

Gold Price Volatility

Fluctuations in gold prices can impact demand patterns and inventory costs.

Competitive Industry Landscape

The jewellery industry remains highly fragmented with competition from both organized and unorganized players.

Working Capital Intensive Operations

Jewellery manufacturing requires substantial inventory investments, making cash flow management crucial.

Dependence on Consumer Spending

Demand for premium jewellery is closely linked to consumer sentiment, wedding seasons and discretionary spending trends.

Investment Outlook: Subscribe for Listing Gains and Long-Term Growth?

Advit Jewels enters the market with a compelling combination of strong earnings growth, expanding market presence, attractive industry positioning and positive investor sentiment.

The nearly 46% GMP indicates expectations of a healthy market debut, while favourable brokerage recommendations further strengthen the investment thesis.

For investors seeking exposure to India's rapidly growing organized jewellery market, Advit Jewels appears to offer both listing gain potential and long-term growth opportunities.

Smart Investment View

Advit Jewels combines robust financial growth, strong brand positioning in traditional jewellery segments, expansion-driven growth catalysts and reasonable valuations. While investors should remain mindful of industry-specific risks, the IPO appears well-placed to attract strong subscription demand.

Investment Rating: Subscribe