Advit Jewels IPO - Day 1: 11.23x Subscribed & GMP at ₹58 (42.03%)

Key takeaways:

• The Advit Jewels IPO is a book-built issue of ₹165.16 crore, comprising entirely a fresh issue of 1,19,68,000 equity shares.
• The price range will be ₹130-₹138/share with a minimum lot size of 100 shares.
• Day 1 IPO subscriptions were 11.23 times, with Non-Institutional Investors (NIIs) subscribing 23.80 times and Retail Individual Investors (RIIs) subscribing 11.63 times.
• The grey market premium (GMP) was ₹58 on Day 1, indicating a potential listing profit of about 42.03% within the upper price range.
• The net proceeds from the fresh issue will be used towards incremental working capital requirements and debt repayment/pre-payment of the company.
• The book-running lead manager is Holani Consultants Pvt. Ltd., and the registrar of the issue is Bigshare Services Pvt. Ltd.

The Jaipur-based handcrafted jewellery manufacturer that sells its products under the heritage brand Rambhajo is seeking to raise funds from a fresh issue of equity shares without any offer-for-sale (OFS) element. The IPO issue is open for bidding until June 25, 2026.

Ahead of the public opening, Advit Jewels raised ₹49.52 crore from anchor investors on June 22, 2026, allotting 35.88 lakh shares at the upper price band of ₹138 per share. The overall IPO subscription was 11.23 times by the end of Day 1. The grey market premium (GMP) stood at ₹58 per share, indicating an estimated listing price of about ₹196 with a potential listing premium of 42.03% over the upper price range of ₹138.

Let’s explore what happened on Day 1 of Advit Jewels IPO.

Key dates for the Advit Jewels IPO

The Advit Jewels IPO will be open for subscription between June 23, 2026 (today) and June 25, 2026. After the closure of the subscription window, the IPO allotment will be finalised on June 29, 2026. On June 30, 2026, refund initiation and shares transferred to demat accounts will start. The stock is expected to be tentatively listed on the BSE and NSE on July 1, 2026.

The IPO is priced in the price range of ₹130 to ₹138 per share. The retail investors will need a minimum investment of ₹13,800 at the upper price band with a minimum lot size of 100 shares. The book-running lead manager of this IPO is Holani Consultants Pvt. Ltd., and the registrar of the issue is Bigshare Services Pvt. Ltd. 

About Advit Jewels

Advit Jewels was incorporated in 2019. It is a Jaipur-based manufacturer and seller of traditional and contemporary handcrafted fine jewellery. The company sells its products under the brand name Rambhajo, and specialises in premium jewellery categories such as Kundan, Polki, Diamond, Jadau, Meenakari, and Studded jewellery.

The company has a 6,450 sq. ft. manufacturing facility in Jaipur, which is equipped with modern technology such as 3D printers, casting units, laser cutting equipment, and CAD systems. This arrangement enables Advit Jewels to control the whole production process internally, including the melting and casting of gold, polishing, and quality inspection, which provides it complete control over quality and turnaround times.

Advit Jewels primarily operates as a B2B business that supplies jewellery to dealers, showrooms, and retailers in India. In FY25, its B2B segment accounted for 81.63% of its total revenue, and the rest 18.37 % was contributed by B2C sales, which includes made-to-order and customised pieces. The company has a pan-India presence and has a total number of 111 employees as of April 30, 2026.

The company has shown impressive financial growth in recent years. The company recorded a total income of ₹124.94 crore and PAT of ₹25.37 crore during its FY25, and in the first nine months of FY26, till December 31, 2025, it indicates a further increased momentum with a total income of ₹123.80 crore and a PAT of ₹25.44 crore.

Subscription and GMP on Day 1

There was strong demand among investors for the Advit Jewels IPO on day 1. The issue was subscribed 11.23 times at the end of Day 1, indicating retail and non-institutional interest in this IPO issue. The issue received bids for 9,41,39,600 equity shares out of a total offer size of 83,79,300 shares.

The Non-Institutional Investors (NIIS) topped all categories with a subscription of 23.80 times, and Retail Individual Investors (RIIs) achieved a subscription of 11.63 times. In comparison, the Qualified Institutional Buyers (QIBs) showed a muted response with a subscription of 1.11 times.

In the unlisted market, the grey market premium (GMP) of Advit Jewels was ₹58 per share on Day 1. At the upper price band of ₹138, this indicates an estimated listing price of about ₹196 with the potential listing gains of about 42.03%.

Investor sentiment on Day 1

Analysts have attributed Advit Jewels as an attractive investment opportunity to gain listing gains at present, citing the strong financial performance of the company and the favourable dynamics in the organised jewellery industry. Additionally, the IPO has a reasonable valuation based on its annualised FY26 earnings, considering the increasing trend towards branded and certified jewellery in India.

Among the risks identified are the volatility of gold prices, high reliance on working capital, and intense competition from bigger, established jewellery players. Days 2 and 3 are likely to be closely followed by investors to see QIB build-up, as institutional momentum usually plays a significant role in determining final subscription multiples. The subscription period of the IPO ends on June 25, 2026.