Nityas Gems and Jewellery shares listed at a strong 9.33% premium on BSE at ₹82 and 6.67% higher at ₹80 on NSE, significantly beating expectations and delivering a robust market debut for the Gujarat-based jewellery manufacturer. The grey market premium (GMP) of just 1% over the issue price had earlier suggested a conservative listing, but the actual debut performance exceeded expectations substantially. The company has fixed the IPO price band at ₹70-75 per share with a lot size of 200 shares, requiring retail investors to invest a minimum of ₹15,000 for one lot. Grey market premiums should not be considered reliable indicators of actual listing performance, as they may fluctuate based on market sentiment and do not guarantee the final listing price. Following the listing, the stock was locked in a 5% upper circuit and traded over 14% higher, demonstrating strong investor confidence in the company's prospects.
Nityas Gems and Jewellery shares made their stock market debut on the NSE on Thursday, October 8, 2026, following the successful completion of its IPO process. The ₹108.42 crore public issue comprising 1.4456 crore fresh equity shares was subscribed 2.26 times overall, with the retail investor portion leading at 4.07 times subscription and the non-institutional investor (NII) category subscribed 2.05 times. The qualified institutional buyers (QIB) portion received 1.06 times subscription, while the issue was priced at the upper end of the ₹70-75 per share price band. The share allotment was finalised on October 6, with refunds for unsuccessful applicants and credit of shares to successful bidders completed on the same day. Following the listing, the company's market capitalisation stood at around ₹472.26 crore.
The retail investor category led the demand with 4.07 times subscription, while the Non-Institutional Investors (NIIs) category was subscribed 2.05 times. The Qualified Institutional Buyers (QIBs) portion received 1.06 times subscription, and the employee portion was subscribed 2.82 times. The issue comprised 1.44 crore fresh equity shares of face value ₹5 with no offer-for-sale component. The book-built issue was priced at the upper end of the price band, with retail investors required to invest ₹15,000 for one lot. The IPO opened for subscription on September 30, 2026, and closed on October 5, 2026. The ₹108.42 crore public issue received a total of 3,27 crore bids against 1,45 crore shares on offer, resulting in an overall subscription of 2.26 times. The issue also had a reservation of up to 50% for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs) and not less than 35% for retail investors, with the employee portion reserved for up to 1 lakh shares at a discount of ₹7 per share to the issue price.
According to Anand Rathi Research Team, at the upper price band the company is valued at 19.4x FY26 P/E and 14.8x FY26 EV/EBITDA, implying a market capitalization of ₹431.9 crore. The brokerage assigned a 'Subscribe for Long Term' Rating to the issue, noting that the valuation appears fully priced. The Gujarat-based company designs and manufactures lab-grown diamond-studded gold jewellery and operates primarily under a business-to-business model, supplying jewellery to organised and standalone retailers and wholesalers across multiple states. The company also has a direct-to-consumer presence through its subsidiary, Ayaani Diamonds and Jewellery, which operates an omnichannel retail business. The company plans to deploy ₹70 crore from the net IPO proceeds towards working capital requirements, with the balance earmarked for general corporate purposes. Choice Capital Advisors serves as the book-running lead manager, while Bigshare Services Private Limited is the registrar to the issue.
The company also has a direct-to-consumer presence through its subsidiary, Ayaani Diamonds and Jewellery, which operates an omnichannel retail business. The company plans to deploy ₹70 crore from the net IPO proceeds towards working capital requirements, with the balance earmarked for general corporate purposes. Choice Capital Advisors serves as the book-running lead manager, while Bigshare Services Private Limited is the registrar to the issue. As of August 31, 2026, the company had 192 full-time employees, including 122 in-house karigars and 29 designers. The shares are scheduled to list on the BSE and NSE on October 8, 2026. According to Master Capital Services Ltd, the company commenced operations in July 2022 as a B2B manufacturer and supplier of lab-grown diamond-studded gold jewellery, with its prominent customers including GIVA, Palmonas, ONYA and Ladia Diamonds. The company has also supplied products to international B2B customers in the UAE, Australia, Canada, Taiwan and Kenya over the last three fiscals.
