Nityas Gems and Jewellery's initial public offering has received 31% subscription as of Day 2, with the issue continuing to attract investor interest. According to NSE data, the ₹108.42 crore IPO received bids for 45,36,400 shares against 1,44,56,000 shares on offer. Retail investors led the demand with 82% subscription, while the non-institutional investor (NII) category was subscribed 16%. The Qualified Institutional Buyers (QIB) portion received no bids against the 71.78 lakh shares reserved for the category. The anchor book opened on September 29 and the public issue will remain open until October 5. The IPO allotment is likely to be finalised on October 6, with shares proposed to list on both NSE and BSE on October 8.
The IPO has received strong market confidence with the Grey Market Premium (GMP) at 8% as of October 1, indicating a potential ₹6,000 profit per lot over the upper price band of ₹75. According to InvestorGain, this reflects a likely listing price of ₹83 based on the upper end of the price band. However, in the grey market, Nityas Gems shares were trading around the issue price on the morning of October 1, as per InvestorGain. This represents a significant reduction from earlier GMP levels, indicating more cautious market sentiment. Investors should note that GMP is entirely unofficial, based on speculative unlisted market demand, and does not guarantee the actual listing price.
The Gujarat-based diamond-studded gold jewellery manufacturer plans to utilise ₹70 crore of the net IPO proceeds towards its working capital requirements. The remaining amount will be used for general corporate purposes. The company operates primarily under a business-to-business (B2B) model, manufacturing jewellery products for retailers and wholesalers. Additionally, Nityas Gems has a direct-to-consumer (D2C) business through its subsidiary, Ayaani Diamonds and Jewellery, which operates an omnichannel retail business. The IPO comprises an entirely fresh issue of 1.44 crore equity shares of face value ₹5 each with no offer-for-sale component. As of August 31, 2026, the company had 192 full-time employees, including 122 in-house karigars and 29 designers.
The IPO has received mixed investor response with 31% subscription as of Day 2, receiving bids for 45,36,400 shares against 1,44,56,000 shares available. The retail portion was subscribed 82%, while the non-institutional investor (NII) quota was subscribed 16%. The High Net Worth Individual (HNI) category saw 25,123 applications for ₹2.10 crore worth shares, while the Non-Institutional Investor (NII) category recorded 513 applications for ₹10.05 crore worth shares. The Qualified Institutional Buyers (QIB) portion received no bids on the first day. The High Net Worth Individual (HNI) category saw 25,123 applications for ₹2.10 crore worth shares, while the Non-Institutional Investor (NII) category recorded 513 applications for ₹10.05 crore worth shares. The strong subscription levels combined with the positive grey market premium suggest robust investor confidence ahead of the listing, though recent trading data shows more cautious sentiment.
Anand Rathi has assigned a 'Subscribe for Long Term' rating to the Nityas Gems IPO, citing the company's exposure to the growing lab-grown diamond jewellery segment and its integrated B2B-D2C business model. The brokerage highlighted the company's in-house manufacturing capabilities and noted that investors should monitor execution and the scalability of the company's D2C expansion. At the upper end of the price band, retail investors will need to invest a minimum of ₹15,000, based on the lot size of 200 shares. Choice Capital Advisors Pvt Ltd serves as the book-running lead manager, while Bigshare Services Pvt Ltd is the registrar for the issue.
