Advit Jewels IPO - Day 2: 44.18x Subscribed & GMP ₹55 (39.86%)
Key takeaways:
- The Jaipur-based jewellery maker is planning to raise ₹165.16 crore from this fresh issue of equity shares through its IPO.
- The bidding window was opened on Tuesday, June 23, 2026, and will close tomorrow, June 25, 2026.
- The company manufactures traditional Kundan, Polki, and Diamond under its brand Rambhajo.
- At the end of day 2, the IPO was over-subscribed with a total subscription of 44.18 times.
- The Grey Market Premium (GMP) is at ₹55, which translates to an estimated listing price of ₹193 per share and a potential listing gain of 39.86%.
On Day 1, the public issue was well-received with a significant number of retail and non-institutional investors subscribing to the issue, leading to an overall subscription of 44.18 times and a Grey Market Premium (GMP) of ₹55 on Day 2.
The IPO is a book-built issue of ₹165.16 crore, which is a 100% fresh issue and has no offer for sale (OFS) portion. The fresh issue proceeds will be utilised in financing incremental working capital needs, repayment or prepayment of existing borrowings, and general corporate purposes. The company had already raised ₹49.52 crore among anchor investors before the public bidding on June 22, 2026.
Let’s explore what happened on Day 2 of Advit Jewels IPO in detail.
Key dates for the Advit Jewels IPO
The Advit Jewels IPO is in its last lap of the subscription window. Potential investors can apply for the IPO till Thursday, June 25, 2026. The IPO Allotment will be completed on Monday, 29th June 2026. The refunds and credits of shares to the demat accounts of successful investors will be activated from Tuesday, June 30, 2026. The equity shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Wednesday, July 1, 2026.
The issue is being offered in the price range of ₹130 to ₹138 per share. The retail investor minimum application size is one lot (100 shares), requiring an investment of ₹13,800 at the upper price band of ₹138 per share. The book-running lead manager of this IPO is Holani Consultants Private Limited, and the official registrar is Bigshare Services Private Limited.
About Advit Jewels
Established in 2019, Advit Jewels Ltd. is a legacy jewellery brand that operates through its flagship brand Rambhjo. The company, headquartered in Jaipur, has positioned itself in the premium fine jewellery market, blending the traditional craftsmanship in the region with contemporary designs. It deals in Kundan, Polki, Diamond-studded, and Gemstone jewellery.
The firm has a manufacturing unit in Jaipur that has highly skilled artisans and strict quality control measures. Advit Jewels primarily operates through the B2B business model, where they supply bridal jewellery and high-quality customised jewellery to dealers, showrooms, and retailers in India.
Advit Jewels has been experiencing positive growth in terms of finances in the past years. In FY25, the company recorded a total income of ₹124.94 crore and net profit (PAT) of ₹25.37 crore, which is a significant scale-up from the past years.
Recent GMP and subscription status on day 2
As of June 24, 2026 (Day 2), the overall IPO subscription has jumped to 44.18 times. The Non-Institutional Investors (NII) segment was the frontrunner with a massive oversubscription of 121.19 times. Retail Individual Investors (RIIs) were also highly enthusiastic, with their quota being subscribed 35.49 times. The Qualified Institutional Buyers (QIB) quota was subscribed to 1.56 times.
The Grey Market Premium (GMP) was ₹55 in the unlisted market at the end of day 2. At the upper price band of ₹138, this signals a tentative listing price of ₹193, which represents estimated listing gains of about 39.86%.
What is next?
Market analysts attribute the overwhelming Day 2 subscription to the strong profit margins of Advit Jewels, its growing B2B network, and the heritage value of the Rambhjo brand. The planned debt reduction after the IPO is likely to boost the financial agility and bottom-line profitability of the company in the highly competitive jewellery industry.
Market participants are expecting even more activity tomorrow, especially from the QIB segment, which traditionally dominates the final day of an issue. The long-term growth of Advit Jewels depends on its ability to scale its premium handcrafted jewellery operations while maintaining high return ratios.
