Advit Jewels IPO: A Jaipur Jeweller With a 100-Year Brand Promises 46% Listing Gain. Should you apply?

Advit Jewels IPO opens June 23. The Jaipur jeweller’s GMP is near 46%, issue is 100% fresh, and the Rambhajo brand dates to 1921. All details investors need.

By North Desk Bureau

There is an IPO open for subscription today that is doing something most primary market offerings struggle to do: it is generating genuine street-level excitement. Advit Jewels, a Jaipur-based manufacturer of handcrafted fine jewellery, launched its maiden public issue on Tuesday, and the grey market has already priced it at a listing gain of close to 46 per cent. In a market where investors have been burned often enough to grow cautious, that number commands attention.

The Company Behind the Offer

Advit Jewels Limited was incorporated in 2019, but its story begins much earlier. The company’s jewellery is sold under the Rambhajo brand — a heritage name with roots going back to 1921 — giving it a legacy credential that very few new-age manufacturers can claim. Its product range spans Kundan, Polki, diamond, and studded jewellery, crafted in 14K and 18K gold using diamonds and coloured gemstones. The portfolio covers necklaces, earrings, rings, bangles, and bespoke made-to-order pieces that straddle both bridal and contemporary aesthetics.

The company operates a single integrated manufacturing facility in Jaipur — 6,450 square feet of floor space equipped with 3D printers, casting units, and polishing machinery — that handles the entire production chain in-house, from gold melting to final quality inspection. Customised or high-value orders are typically delivered within 25 to 30 days. As of April 30, 2026, the company employs 111 people.

Advit Jewels runs primarily on a B2B model, supplying to dealers, retailers, and jewellery showrooms across India, with states including Punjab, Haryana, Gujarat, Maharashtra, Rajasthan, Delhi, West Bengal, Uttar Pradesh, and Telangana in its customer geography. A B2C channel for bespoke jewellery runs alongside.

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The Numbers That Matter

Advit Jewels IPO : The financials are the most compelling part of the Advit Jewels story. Revenue grew from ₹46.60 crore in FY23 to ₹69.45 crore in FY24 and then to ₹124.94 crore in FY25 — a two-year CAGR of approximately 64 per cent. Profit after tax nearly doubled in that same window, rising from ₹14.71 crore in FY24 to ₹25.37 crore in FY25. Net margins have held steady in the 20–22 per cent range across all three reported fiscals, which is a healthy indicator for a manufacturing-led business operating in a commodity-sensitive sector.

For the nine-month period ended December 31, 2025, the company posted total income of ₹123.80 crore and PAT of ₹25.44 crore — suggesting that by the time full FY26 numbers are tallied, the trajectory is likely to extend further upward.

The IPO: Key Details

Issue Size: ₹165.16 crore

Price Band: ₹130–₹138 per share

Lot Size: 100 shares

Subscription Window: June 23–25, 2026

Allotment: June 29

Listing: July 1, 2026 (BSE & NSE)

Minimum retail investment (1 lot): ₹13,800. Maximum retail investment (14 lots / 1,400 shares): ₹1,93,200.

One detail that stands out: this is a 100 per cent fresh issue. There is no offer for sale component whatsoever. That means every rupee raised flows directly into the business — specifically, ₹65 crore earmarked for working capital requirements and ₹65 crore for repayment or pre-payment of bank borrowings, with the remainder reserved for general corporate purposes. Promoters — the Gilara family (Nitin, Prateek, Vipul, and Krishna Vardhan Gilara) — are not exiting even partially. Their holding will come down from 94.59 per cent to 69.88 per cent post-listing, purely on account of the fresh dilution.

In a market where OFS-heavy issues are sometimes read as promoter exits in disguise, the fully fresh structure of the Advit Jewels IPO is a meaningful positive signal.

Advit Jewels IPO : The book running lead manager is Holani Consultants, and Bigshare Services is the registrar. The issue is reserved 50 per cent for QIBs, 15 per cent for non-institutional investors, and 35 per cent for retail investors.

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The GMP Story

Advit Jewels IPO : As of the eve of the subscription opening, the grey market premium for Advit Jewels was hovering between ₹63 and ₹65 per share over the upper band of ₹138 — translating to an implied listing price of approximately ₹201 and a potential gain of around 46–47 per cent. Earlier trackers had pegged the GMP even higher, at ₹75–₹80, suggesting a listing premium of over 58 per cent at its peak — before the numbers moderated to the current range. Brokerages including SMIFS and Marwadi Financial Services have recommended subscribing to the issue.

(GMP disclaimer: Grey market premium is an unofficial, unregulated indicator of investor sentiment. It is not recognised or endorsed by SEBI, NSE, or BSE. GMP can shift dramatically within hours and should not be treated as a predictor of actual listing price or post-listing performance. Readers should base investment decisions on the company’s Red Herring Prospectus and audited disclosures.)

What to Watch

Advit Jewels IPO : Not everything is straightforward. Jewellery manufacturing is inherently inventory-heavy, and Advit Jewels’ business is exposed to volatility in gold, diamond, and gemstone prices — commodities that have seen significant movement over the past 18 months. Analysts have also noted that the valuation is not cheap; it requires the company to sustain its recent growth trajectory. Net margins, while healthy, have shown some softening tendency as revenues have scaled. Investors should also factor in that this is a seven-year-old company with a relatively limited listed peer set for direct comparison.

At the same time, the combination of a heritage brand, in-house integrated manufacturing, consistent profit growth, and a promoter group that is not cashing out makes this a materially different proposition from the generic SME IPO that crowds the primary market pipeline.

Key Dates at a Glance

Subscription: June 23–25, 2026

Allotment: June 29

Share credit: June 30

Listing: July 1, 2026 

Disclaimer: This article is published for informational and journalistic purposes only. It does not constitute investment advice, a solicitation to buy or sell securities, or a recommendation of any kind. North Desk and its editorial team are not SEBI-registered investment advisers. Readers are advised to consult a qualified and registered financial adviser before making any investment decisions.