Advit Jewels IPO GMP jumps to 46% before subscription starts; bid or avoid?

Advit Jewels IPO opens on June 23: here's the price band, lot size, GMP, review, allotment schedule, listing date and other key details for investors

Early grey market trends suggest favourable sentiment for the initial public offering (IPO) of Jaipur-based jewellery manufacturer Advit Jewels, which is set to open for subscription on Tuesday, June 23, 2026. Through its maiden share sale, the company aims to raise ₹165.16 crore from investors.

 

According to sources tracking the unofficial market, the company's unlisted shares were quoted at ₹201 apiece, reflecting a grey market premium (GMP) of 45.65 per cent over the upper end of the IPO price band of ₹138 ahead of the issue opening.

 

Adding to the sentiment, brokerage firms including SMIFS and Marwadi Financial Services have recommended subscribing to the public issue. 

 

According to SMIFS, Advit Jewels is well-positioned to capitalise on the growing demand for premium handcrafted jewellery, supported by its integrated manufacturing capabilities, portfolio of over 2,000 designs, strong presence in the Kundan, Polki and Jadau jewellery segments, and an expanding pan-India customer base.

 

The brokerage believes the company's future growth will be driven by multiple catalysts, including the launch of a 27,790 sq ft flagship showroom in Jaipur, rollout of a franchise-led asset-light expansion strategy across Tier-I and Tier-II cities, increasing contribution from higher-margin B2C sales, continuous product innovation, and enhanced digital engagement initiatives.

 

"The IPO proceeds are expected to strengthen the balance sheet through debt reduction and working capital support, improving financial flexibility and supporting inventory-led growth. Financially, the company has delivered strong execution, with revenue and PAT growing at CAGRs of 63.7 per cent and 56.2 per cent, respectively, during FY23-FY25, while maintaining healthy profitability and return ratios," SMIFS said.

 

At the issue price, the company is valued at around 17x FY25 earnings, which SMIFS said appears attractive considering its growth prospects, profitability profile and long-term scalability.

 

"Given the multiple growth levers in place and the potential for revenues and earnings to scale significantly as capacity utilisation improves and the retail business ramps up over the next few years, we recommend subscribing to the issue as a long-term investment," the brokerage said. 

 

Marwadi Financial Services has assigned a "Subscribe" rating, citing the company's integrated manufacturing capabilities, diversified product portfolio, and strong focus on design and innovation.

 

The brokerage further said the issue is available at a reasonable valuation considering the company's growth potential. Based on the annualised EPS of ₹7.41 and FY25 EPS of ₹5.54 on a post-issue basis, the company is expected to list at a P/E of around 18.6x and 24.9x, respectively, with a market capitalisation of ₹632 crore.

 

Its peers, namely Bluestone Jewellery and Lifestyle Ltd, RBZ Jewellers Ltd, and Radhika Jeweltech Ltd, are trading at P/E multiples of around 542x, 10x and 9x, respectively.

Advit Jewels IPO details

Advit Jewels IPO comprises entirely a fresh issue of 12 million shares aggregating ₹165.16 crore. The issue does not include an offer-for-sale (OFS) component.

 

The public issue will be available at a price band of ₹130-138 per share, with a lot size of 100 shares. Investors can bid for a minimum of 100 shares and in multiples thereof.

 

A retail investor would require a minimum investment of ₹13,800 to bid for one lot comprising 100 shares. The maximum investment for 14 lots, or 1,400 shares, stands at ₹1,93,200.

 

The public issue will remain open for subscription till Thursday, June 25, 2026. The basis of allotment is scheduled to be finalised on Monday, June 29, 2026.

 

Shares of the jewellery manufacturer are scheduled to make their stock market debut on Wednesday, July 1, 2026.

 

Holani Consultants is the sole book-running lead manager to the issue, while Bigshare Services is acting as the registrar.

 

Advit Jewels proposes to utilise the IPO proceeds towards funding incremental working capital requirements, repayment or prepayment of certain outstanding borrowings availed from scheduled commercial banks, and general corporate purposes.

About Advit Jewels

Advit Jewels is a Jaipur-based jewellery manufacturer incorporated in 2019. The company is engaged in designing and manufacturing handcrafted Kundan, Polki, Diamond and Studded jewellery under the "Rambhajo" brand.

 

Its product portfolio includes necklaces, earrings, rings, bangles and customised jewellery crafted in 14K and 18K gold. The company primarily operates through a B2B model catering to dealers, retailers and jewellery showrooms, while also serving select B2C customers through made-to-order offerings.