Advit Jewels IPO to open on June 23; Jaipur-based jewellery maker sets price band at ₹130-138

Advit Jewels Ltd, a Jaipur-based manufacturer of handcrafted fine jewellery under the "Rambhajo" brand, has fixed the price band at ₹130-138 per share for its initial public offering (IPO), which will open for subscription on June 23 and close on June 25.

The public issue comprises a fresh issue of 1.19 crore equity shares and aims to raise about ₹165 crore at the upper end of the price band. Investors can bid for a minimum of 100 shares and in multiples thereof.

As per the IPO document, the company has reserved 50% of the net offer for qualified institutional buyers, 15% for non-institutional investors, and remaining 35% for retail investors.

The company plans to utilise ₹65 crore from the issue proceeds towards funding incremental working capital requirements, another ₹65 crore for repayment or prepayment of borrowings, and the remaining amount for general corporate purposes.

Currently, the IPO is commanding a grey market premium (GMP) of ₹80, indicating an estimated listing price of ₹218 per share, a potential gain of nearly 58% over the upper end of the price band.

Founded in 2019 and headquartered in Jaipur, Advit Jewels specializes in traditional and contemporary handcrafted jewellery, including Kundan, Polki, diamond and studded pieces. The company operates under the Rambhajo brand and caters to both domestic retailers and individual customers through a mix of business-to-business (B2B) and business-to-consumer (B2C) sales.

The B2B segment remains the primary revenue driver, contributing 81.63% of revenue in FY25, while the B2C segment accounted for the remaining 18.37%.

Advit Jewels offers an extensive product portfolio comprising necklaces, earrings, rings, bangles and customized jewellery pieces crafted in 14-carat and 18-carat gold with diamonds and coloured gemstones. The company differentiates itself through design innovation, customization capabilities and a focus on blending traditional craftsmanship with contemporary aesthetics.

Its manufacturing facility in Jaipur spans 6,450 square feet and is equipped with modern machinery including 3D printers, casting units and polishing equipment. The company undertakes the entire jewellery manufacturing process in-house, from gold melting and stone setting to polishing and quality inspection, enabling tighter quality control and faster turnaround times.

The company is also expanding its retail presence, with its flagship store in Jaipur currently under construction.

On the financial front, Advit Jewels has reported strong growth over the last three years. For the nine months ended December 31, 2025, the company reported revenue from operations of ₹123.8 crore and a profit after tax of ₹25.44 crore. EBITDA stood at ₹36.68 crore, while net worth increased to ₹83.65 crore.

For FY25, the company posted total income of ₹124.94 crore and a net profit of ₹25.37 crore, compared with ₹69.45 crore and ₹14.71 crore, respectively, in FY24. Its net worth rose from ₹32.80 crore in FY24 to ₹58.13 crore in FY25, reflecting improving profitability and business scale.

The jewellery sector has witnessed healthy investor interest in recent months. Among recently listed peers, PNGS Reva Diamond Jewellery delivered a listing gain of 6.66%, while Shringar House of Mangalsutra generated a listing gain of 12.05%, indicating favourable market sentiment towards jewellery-focused public issues.

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