Advit Jewels IPO Day 2: Strong GMP and Subscription Momentum

The Advit Jewels IPO has entered its second day of bidding with significant investor enthusiasm, following a highly successful first day. As the Jaipur-based jewellery manufacturer seeks to scale its operations, market sentiment remains bullish, reflected in a substantial grey market premium.

Strong Subscription Momentum and Market Demand

The Advit Jewels IPO, which opened on June 23, 2026, witnessed an impressive response on its debut day. The issue was subscribed 11.18 times overall during Day 1, driven largely by retail appetite. Retail investors showed high conviction, subscribing to 11.55 times their portion, while Non-Institutional Investors (NII) also displayed robust interest. While Qualified Institutional Investor (QIB) participation was relatively moderate compared to other segments, the overall subscription numbers signal a healthy demand for the offering.

Grey Market Premium and Listing Expectations

Investor sentiment is being further bolstered by the Grey Market Premium (GMP). Currently, the IPO is commanding a GMP of approximately 41%. Based on the upper price band of ₹138 per share, this premium suggests an estimated listing price of around ₹194 on the NSE and BSE. While the GMP is an unofficial indicator and subject to market volatility, the current levels indicate that investors are expecting a strong listing when the company debuts on July 1, 2026.

Company Profile and IPO Structure

Advit Jewels, operating under the "Rambhajo" label, is a Jaipur-based brand specializing in handcrafted Kundan, Polki, diamond, and gemstone jewellery. The company maintains a competitive edge through a fully integrated manufacturing facility that handles in-house design, casting, and finishing. Their business model serves both B2B clients and customized B2C segments.

The ₹165.16 crore IPO is structured entirely as a fresh issue, meaning there is no Offer-for-Sale (OFS) component. This suggests that the capital raised will be utilized for the company's growth and strategic initiatives rather than providing an exit for existing shareholders. The price band is set at ₹130–₹138 per share, with a minimum retail investment required of ₹13,800.

Investment Outlook: Risks and Rewards

Brokerages have largely issued a “Subscribe” rating for the issue, highlighting the company's strong revenue growth, improving profitability, and healthy margins. The company's focus on debt reduction and positive cash flows provides a stable foundation for its expansion plans.

However, potential investors should remain mindful of specific sector risks. These include the inherent volatility of gold prices and a degree of customer concentration. Despite these risks, the company's integrated manufacturing capabilities and brand positioning in the premium jewellery segment remain key strengths.

Key Takeaways

  • High Investor Interest: The IPO saw an 11.18x subscription on Day 1, led by strong retail participation.
  • Bullish Listing Sentiment: A steady GMP of 41% suggests an estimated listing price of ₹194 against the ₹138 upper price band.
  • Important Dates: The bidding closes on June 25, allotment is expected on June 29, and the official listing is scheduled for July 1, 2026.