The Advit Jewels IPO witnessed robust investor demand on the second day of bidding, with the issue being subscribed 44.16 times overall, driven by strong participation from qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail investors.
The public issue opened for subscription on 23 June, and is scheduled to close on 25 June.
Established in 2019, Advit Jewels manufactures and sells traditional and contemporary handcrafted fine jewellery under its flagship “Rambhajo” brand. The company specialises in Kundan, Polki, diamond, and studded jewellery, catering to the premium jewellery segment.
For the nine months ended 31 December 2025, Advit Jewels reported revenue from operations of ₹1,238 crore and a net profit of ₹254.4 crore.
Under the IPO structure, 50% of the net issue has been reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.
The allotment basis is expected to be finalised on 29 June 2026. Shares are likely to be credited to successful applicants’ demat accounts by 30 June, while refunds for unsuccessful bidders are also expected to be processed on the same day.
Advit Jewels shares are tentatively scheduled to debut on the BSE and NSE on 1 July 2026.
Advit Jewels IPO GMP today
Advit Jewels IPO GMP today is +52. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Advit Jewels share was ₹190 apiece, which is 37.68% higher than the IPO price of ₹138.
Considering grey market activity over the past 15 sessions, the IPO GMP is showing an upward trend today and is expected to deliver a strong debut. Experts indicate that the minimum GMP is ₹0.00, whereas the maximum GMP is ₹91.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Advit Jewels IPO subscription status
Advit Jewels IPO subscription status is 44.16x on day 2, so far. The retail portion is subscribed 35.46x, and NII portion has been booked 121.16x, QIBs portion received 1.56x bids.
The company has received bids for 36,99,90,300 shares against 83,79,300 shares on offer at 17:00 IST, according to BSE data.
Advit Jewels IPO review
Brokerages have largely maintained a positive view on the Advit Jewels IPO, citing the company’s strong growth trajectory, premium product positioning and improving financial profile.
Canara Bank Securities has recommended subscribing to the issue, highlighting Advit Jewels’ presence in the niche handcrafted Kundan and Polki jewellery segment. The brokerage noted that the company benefits from the century-old legacy of the Rambhajo brand, strong revenue growth and healthy EBITDA margins of around 30%. It believes the firm’s specialised craftsmanship creates a strong competitive moat, while its gradual shift towards higher-margin B2C sales could enhance brand visibility and cash flows. Canara Bank Securities also views the use of IPO proceeds for debt reduction and working capital requirements as a positive for the company’s financial flexibility.
Swastika Investmart has also assigned a ‘Subscribe’ rating with a short- to medium-term perspective, citing potential listing gains. The brokerage highlighted that Advit Jewels’ revenue nearly tripled from ₹46.6 crore in FY24 to ₹124.94 crore in FY26, while net profit grew 2.4 times during the same period. It also noted that the company’s RoNW of 43.6% is significantly higher than listed peers, partially justifying its valuation premium. However, Swastika cautioned that the company remains relatively small, promoter-driven and geographically concentrated, which could impact liquidity post-listing.
HDFC Securities has recommended subscribing to the IPO, noting that Advit Jewels commands superior operating margins compared to its B2B peers. The brokerage highlighted that while the business requires high inventory levels and therefore carries a longer working capital cycle, the company generated positive operating cash flows in 9MFY26 and has begun repaying debt through internal accruals. HDFC Securities added that the planned debt repayment through IPO proceeds should further support profitability. The brokerage also pointed to the company’s strong FY23-FY25 CAGR of 63.7% in revenue, 70.5% in EBITDA and 56.3% in profit after tax.
Anand Rathi Research has assigned a “Subscribe for Long Term” rating to the issue. The brokerage acknowledged that the IPO appears aggressively priced at the upper end of the price band but believes the company’s robust growth prospects, scalable business model and favourable industry outlook support its long-term investment case.
Advit Jewels IPO details
The IPO consists entirely of a fresh issue of 1.20 crore equity shares and does not include any offer-for-sale (OFS) component.
The company intends to utilise the net proceeds from the issue primarily towards debt reduction and business expansion. Of the total proceeds, ₹65 crore will be used for the repayment or prepayment of borrowings, while another ₹65 crore has been earmarked to meet working capital requirements. The remaining funds will be deployed for general corporate purposes.
Holani Consultants Pvt. Ltd. is acting as the book-running lead manager to the issue, while Bigshare Services Pvt. Ltd. has been appointed as the registrar.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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