Summary of this article
Advit Jewels shares listed at up to 36.88 per cent premium over issue price
The Rs 165.16 crore IPO was subscribed 212.63 times across investor categories
IPO proceeds will fund working capital, repay debt and support business growth
Advit Jewels made a bumper stock market debut on July 1 after its initial public offering (IPO) attracted strong subscription, with the listing broadly in line with grey market expectations.
The Jaipur-based jewellery maker listed at Rs 188.90 per share on the NSE, a premium of 36.88 per cent over its issue price of Rs 138. On the BSE, the stock debuted at Rs 187 apiece, up 35.51 per cent from the issue price.
Ahead of listing, the IPO commanded a grey market premium (GMP) of around Rs 49.50, implying an expected listing price of Rs 187.50, or a gain of 35.87 per cent over the issue price. The actual listing was largely in line with those expectations.
Advit Jewels IPO Subscription Details
Advit Jewels IPO was subscribed 212.63 times during the three-day bidding period that ended on June 25.
The qualified institutional buyers (QIB) portion was subscribed 174.98 times, while the non-institutional investor (NII) category saw demand of 536.38 times. The retail investor quota was booked 95.30 times. There were no employee or shareholder reservation categories in the issue.
Overall, investors placed bids for 178.16 crore shares against 8.38 million shares on offer, with more than 3.20 million applications received.
Advit Jewels IPO Details
Advit Jewels' IPO was a book-built issue of Rs 165.16 crore, comprising an entirely fresh issue of 11.97 million equity shares. There was no offer-for-sale (OFS) component.
The public issue opened for subscription on June 23 and closed on June 25. Share allotment was finalised on June 29, while refunds were initiated and shares credited to successful applicants' demat accounts on June 30.
The company had fixed the price band at Rs 130-138 per share, and the issue price was finalised at Rs 138. Investors could apply in lots of 100 shares, requiring a minimum investment of Rs 13,800. Holani Consultants acted as the book-running lead manager, while Bigshare Services was the registrar to the issue.
How Much Did Investors Make On Advit Jewels IPO Listing?
Investors allotted shares at the issue price of Rs 138 made an immediate gain of Rs 50.90 per share based on the NSE listing price of Rs 188.90.
For one minimum lot of 100 shares, that translates into a listing gain of Rs 5,090, representing a return of 36.88 per cent.
Those allotted two lots would have gained Rs 10,180, while gains would have risen to Rs 25,450 for five lots and Rs 50,900 for 10 lots, based on the NSE debut price.
Advit Jewels IPO Objectives
Advit Jewels plans to use the net proceeds primarily to strengthen its balance sheet and support future growth. Out of the total proceeds, the company will allocate Rs 65 crore to meet the company's incremental working capital requirements, while it will earmark another Rs 65 crore to repay or prepay certain outstanding borrowings from scheduled commercial banks. The remaining amount will be deployed for general corporate purposes.
Advit Jewels IPO Anchor Investors
Ahead of the IPO, Advit Jewels raised Rs 49.52 crore from anchor investors on June 22, 2026, by allotting 35,88,700 equity shares at Rs 138 per share.
Taurus Mutual Fund was the largest anchor investor as it received 1.10 million shares, accounting for 30.65 per cent of the anchor book, with an investment of Rs 15.18 crore. Holani Capital Fund – Holani Venture Capital Fund I was allotted 9,63,700 shares, representing 26.85 per cent of the anchor portion, for an investment of Rs 13.30 crore. Mint Focused Growth Fund PCC – Cell I received 7,75,000 shares, or 21.60 per cent of the anchor allocation, investing Rs 10.70 crore.
About Advit Jewels
Incorporated in 2019, Jaipur-based Advit Jewels manufactures handcrafted fine jewellery under its flagship brand Rambhajo. Its portfolio includes Kundan, Polki, diamond and studded jewellery across necklaces, earrings, rings, bangles and customised pieces crafted in 14K and 18K gold.
The company follows a predominantly business-to-business (B2B) model, supplying dealers, retailers and jewellery showrooms, while also catering to bespoke retail orders. Its integrated manufacturing facility in Jaipur handles the complete production process in-house using modern equipment such as 3D printers and casting units. Advit Jewels has customers across Maharashtra, Gujarat, Delhi, Haryana, Punjab, Rajasthan, Uttar Pradesh, Telangana and West Bengal.
The company is promoted by Nitin Gilara, Prateek Gilara, Vipul Gilara and Krishna Vardhan Gilara.
Advit Jewels Financial Performance
Advit Jewels nearly tripled its revenue over the past three years. The company reported Rs 124.94 crore in total income in FY25, up from Rs 69.45 crore in FY24 and Rs 46.60 crore in FY23. In the nine months ended December 31, 2025, it has already generated Rs 123.80 crore in total income.
The company’s profit after tax (PAT) rose to Rs 25.37 crore in FY25 from Rs 14.71 crore in FY24 and Rs 10.39 crore in FY23. It earned Rs 25.44 crore in the nine months ended December 31, 2025, surpassing its full-year FY25 profit.
The jewellery-maker more than doubled its Ebitda to Rs 37.15 crore in FY25 from Rs 18.95 crore in FY24, compared with Rs 12.77 crore in FY23. It reported Rs 36.68 crore in Ebitda during the first nine months of FY26, nearly equalling its FY25 operating earnings.
Total assets increased to Rs 164.20 crore as of December 31, 2025, from Rs 140.85 crore a year earlier and Rs 67.21 crore in FY24. Net worth stood at Rs 83.65 crore, while reserves and surplus came in at Rs 51.64 crore. The company reduced its total borrowings to Rs 64.92 crore from Rs 74.80 crore at the end of FY25.
Advit Jewels Valuation
At the issue price of Rs 138, Advit Jewels was valued at a post-issue price-to-earnings (P/E) ratio of 18.64 times, based on the post-issue earnings per share (EPS) of Rs 7.41. The company had a market capitalisation of about Rs 632.18 crore at the issue price.
Based on the listing price, the company's market capitalisation increased to Rs 865.86 crore.
