Advit Jewels shares list at 36% premium after 213x IPO subscription

Shares of Advit Jewels made a strong stock market debut on Wednesday after the company's ₹165-crore initial public offering (IPO) received overwhelming investor response. The shares listed at ₹187 on the BSE, a premium of 35.5% over the issue price of ₹138 apiece, valuing the company at a market capitalisation of ₹856.65 crore.

On the NSE, the shares debuted at ₹188.90, up 36.88% from the IPO price.

Meanwhile, the benchmark indices Sensex and Nifty were trading about 0.35% higher in early trade, tracking positive cues from Asian markets.

The listing came broadly in line with Street expectations, as Advit Jewels was commanding a grey market premium (GMP) of around ₹49.50 ahead of the listing, indicating an estimated debut price of about ₹187.50 per share, or a premium of 35.87% over the issue price. The grey market premium is an unofficial indicator and is subject to sharp fluctuations.

IPO subscribed 212.63 times

The ₹165-crore IPO, which comprised an entirely fresh issue, was open for subscription from June 23 to June 25. The issue was subscribed 212.63 times, attracting bids for 1,78,16,51,400 equity shares against 83,79,300 shares on offer, according to exchange data.

The non-institutional investor (NII) category was subscribed 536.38 times, while the qualified institutional buyer (QIB) portion was subscribed 174.98 times. The retail investor segment received 95.30 times subscription.

Founded in 2019 and headquartered in Jaipur, Rajasthan, Advit Jewels manufactures and sells traditional and contemporary handcrafted fine jewellery under its flagship brand, Rambhajo.

The company specializes in Kundan, Polki, diamond and studded jewellery, offering an extensive portfolio that includes necklaces, earrings, rings, bangles and customised jewellery crafted in 14-carat and 18-carat gold with diamonds and coloured gemstones.

Advit Jewels serves both domestic retailers and individual customers through a mix of business-to-business (B2B) and business-to-consumer (B2C) channels. The B2B segment remains its primary revenue contributor, accounting for 81.63% of revenue in FY25, while the B2C business contributed the remaining 18.37%.

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

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