
The Rs 165.16 crore IPO of Advit Jewels concluded its third and final day of bidding on June 25, 2026, maintaining exceptional investor demand throughout the subscription period. According to latest NSE data, the issue was oversubscribed 44.16 times as of June 25, 2026, 17:00 IST, with the retail segment leading the charge at 35.46 times subscription, receiving bids for 36.99 crore shares compared with the 8.38 crore shares allocated to retail applicants. Non-institutional investors (NIIs) demonstrated exceptional participation, with the NII portion subscribed 121.16 times, receiving bids for 11.18 crore shares compared to the 1.79 crore shares reserved. The qualified institutional buyers (QIB) category witnessed modest response, attracting bids for 1.56 times its allocation of 2.39 crore shares. The subscription window opened on June 23, 2026 and closed on June 25, 2026, with share allotment expected by June 29, 2026 and shares likely to be credited to demat accounts by June 30, 2026.
The IPO continues to command strong grey market activity, with Advit Jewels commanding a grey market premium (GMP) of ₹52 as of June 25, 2026, 17:00 IST, indicating potential listing gains of approximately 37.68% above the issue price. According to multiple grey market tracking platforms, the premium has been quoted at ₹52 by Goodreturns and ₹40.58% by IPO Watch, suggesting sustained market excitement for the Jaipur-based jewellery brand. At the current grey market premium, the stock is estimated to list at around ₹190 per share, compared with its issue price of ₹138, representing significant investor confidence ahead of the public offering. The GMP reflects the difference between an IPO's issue price and its expected listing price in the unofficial market, though investors should note it's only an early indicator and should not be considered the sole basis for an investment decision.
The company successfully raised Rs 49.52 crore from anchor investors ahead of its public offering, with the Jaipur-based jewellery manufacturer allotting 35.88 lakh equity shares to anchor investors at Rs 138 apiece. Among the anchor investors are Holani Venture Capital Fund-1, Taurus Mutual Fund, Venus Investment VCC Venus Stellar Fund and Mint Focused Growth Fund PCC-Cell 1, as per a circular uploaded on the BSE website. The IPO comprises 1.19 crore equity shares as a completely fresh issue, with no stake sale through an offer-for-sale route, making the company eligible to utilize the entire proceeds from the issue. The issue is priced in the Rs 130-Rs 138 per share band, with retail investors able to bid for a minimum of 100 shares, translating to an investment of Rs 13,800 at the upper end. The equity shares of the company are proposed to be listed on the BSE and NSE on July 1, 2026, with Holani Consultants Ltd. serving as the book-running lead manager and Bigshare Services Ltd. as the registrar. The company plans to utilise the net proceeds towards repayment and prepayment of borrowings amounting to ₹65 crore, funding working capital requirements of ₹65 crore, and meeting general corporate purposes.
The promoters are Nitin Gilara, Prateek Gilara, Vipul Gilara and Krishna Vardhan Gilara, who hold an aggregate of 3.20 crore equity shares, representing 94.59% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 69.88%. According to PTI, Chairman and Managing Director Nitin Gilara revealed that the company plans to become debt-free and aggressively expand its consumer-facing business under the Rambhajo brand through IPO proceeds. The company currently operates predominantly in the business-to-business (B2B) segment supplying dealers, showrooms and jewellery retailers, but plans to establish around 30 Rambhajo-branded stores over the next three years through the franchisee route across metropolitan centres and tier-II cities. The company's product portfolio includes necklaces, earrings, rings, bangles, and customised jewellery pieces, specialising in traditional and contemporary handcrafted jewellery, including Kundan, Polki, diamond-studded and gemstone jewellery. The company specialises in handcrafted Kundan, Polki, diamond and studded jewellery and caters largely to the ultra-premium wedding market.
As reported by Anand Rathi, Advit Jewels Limited is a Jaipur-based luxury jewellery manufacturer and retailer operating under the heritage 'Rambhajo's' brand, with roots dating back to 1921. The company operates a fully integrated manufacturing facility in Jaipur with a built-up area of 6,450 sq. ft., equipped with modern technologies and handling complete production under one roof from gold processing to quality inspection. For the nine-month period ended December 31, 2025, the company reported revenue from operations of ₹1,238 crore and recorded a net profit of ₹254.4 crore, highlighting its ability to generate healthy earnings alongside revenue growth. The company has established a differentiated position within the Indian jewellery industry through its focus on premium handcrafted jewellery categories such as Polki, Kundan, Jadau and Meenakari jewellery, designing unique pieces that blend traditional craftsmanship with contemporary aesthetics and catering to both domestic retailers and high-net-worth individual clients. The company primarily operates under a B2B model, catering to dealers, showrooms, and jewellery retailers, while also serving B2C customers through exclusive made-to-order jewellery offerings, with a key differentiator being its focus on personalised jewellery solutions, tailored to customer tastes, cultural needs, and emerging market trends.
According to Canara Bank Securities, the brokerage has recommended 'Subscribe' for the IPO, highlighting Advit Jewels' presence in the premium handcrafted Kundan and Polki jewellery market and the company's strong revenue growth from ₹46.6 crore in FY24 to ₹124.94 crore in FY26, while net profit increased 2.4-fold over the period. The brokerage noted that the company benefits from the century-old legacy of the Rambhajo brand, strong revenue growth, and robust EBITDA margins of around 30%. Swastika Investmart has also recommended 'Subscribe' with a short- to medium-term perspective, citing the company's return on net worth (RoNW) of 43.6% which is significantly higher than listed peers, partially justifying its valuation premium. However, the brokerage cautioned that the company remains relatively small compared to listed peers, is promoter-driven, and has limited geographical diversification, which could result in lower liquidity post listing. HDFC Securities has recommended 'Subscribe' noting that Advit Jewels commands superior operating margins compared to its B2B peers and has begun repaying debt through internal accruals. SBI Securities highlighted the company's stronger operating margins compared to many B2B jewellery players, along with improving financial discipline, while noting that IPO-driven debt repayment could meaningfully enhance future earnings and return ratios. Equivision has also issued a 'Subscribe' rating, citing robust revenue growth, improving profitability, and a solid position in the organised jewellery market, though it flagged risks including dependence on gold and gemstone price volatility, customer concentration, and operational reliance on Jaipur-based manufacturing.