Advit Jewels, a Jaipur-based company renowned for its handcrafted fine jewelry under the 'Rambhajo' brand, launched its Initial Public Offering (IPO) for subscription on Tuesday, June 23.
The company specializes in Kundan, Polki, Diamond, and Studded pieces, blending traditional techniques with modern designs. The IPO seeks to raise Rs 165 crore through a fresh share sale of 1,19,68,000 equity shares.
Advit Jewels IPO Details
- Price Band: Rs 130-138 per equity share
- Minimum Application: 100 equity shares and in multiples thereafter
- Subscription Dates: June 23 to June 25
- Total Issue Size: Rs 165 crore (entirely fresh issue)
- Purpose of Proceeds: Repayment or prepayment of borrowings, funding incremental working capital requirements, and general corporate purposes.
- Anchor Investors: Ahead of the IPO, Advit Jewels secured Rs 49.52 crore from four anchor investors, allocating 35,88,700 equity shares at Rs 138 apiece. Key investors included Taurus Mutual Fund, Holani Venture Capital Fund, Mint Focused Growth Fund PCC, and Venus Investment VCC.
- Tentative Listing Date: July 1
- Exchanges: BSE and NSE
Financial Performance and Allocation
Advit Jewels reported a net profit of Rs 25.44 crore on a revenue of Rs 123.80 crore for the nine months ending December 31, 2025. For the full financial year ending March 31, 2025, the company recorded a net profit of Rs 25.37 crore with a revenue of Rs 124.94 crore. The company's market capitalization post-issue is estimated at Rs 632 crore.
The IPO allocation reserves 50 percent for Qualified Institutional Bidders (QIBs), 15 percent for Non-Institutional Investors (NIIs), and 35 percent for retail investors.
Grey Market Premium (GMP) and Brokerage Outlook
Before its official opening, Advit Jewels' shares were trading at a Grey Market Premium (GMP) of Rs 64-65 per share, indicating a potential listing gain of 46-47 percent.
Holani Consultants serves as the sole book-running lead manager for the IPO, with Bigshare Services acting as the registrar.
Brokerage Recommendations:
- Anand Rathi Share & Stock Brokers: Assigned a 'subscribe for long-term' rating, citing the company's focus on high-value, craftsmanship-driven jewelry, established customer relationships, and strong positioning in the bridal segment. They noted the aggressive valuation but supported it with strong growth prospects and a scalable business model.
- SBI Securities: Recommended 'subscribe,' highlighting Advit Jewels' superior operating margins despite a longer working capital cycle. They anticipate improved profitability from debt repayment using IPO proceeds and noted strong revenue, EBITDA, and net profit CAGRs from FY22-FY25.
- SMIFS: Gave a 'subscribe' rating, acknowledging robust execution with strong revenue and PAT growth. They found the valuation attractive given growth prospects, profitability, and long-term scalability.
- Canara Bank Securities: Suggested 'subscribe,' emphasizing the 'Rambhajo' legacy, strong revenue growth, healthy EBITDA margins, and a business model benefiting from premium positioning in the high-end wedding market. They also noted the shift towards higher-margin B2C sales.
- BP Equities: Issued a 'subscribe' rating for a medium to long-term investment horizon, based on historical growth, expanding margins, a scalable business model, and industry potential.
- Marwadi Financial Services: Recommended 'subscribe,' citing integrated manufacturing capabilities, a diversified product portfolio, and a strong focus on design and innovation, alongside a reasonable valuation.
- Ventura Securities: Provided a 'subscribe' tag, seeing Advit positioned to capitalize on growing demand for organized and branded jewelry in India, supported by its brand legacy and manufacturing platform.
- Beacon Capital (Equivision): Rated 'subscribe,' pointing to strong growth momentum, increasing market visibility from major exhibitions, and expected long-term growth from a new flagship store and franchise expansion.