Advit Jewels IPO to Open Tomorrow: GMP at 47%; SBI Securities Recommends 'Subscribe'

Jaipur-based handcrafted jewellery specialist Advit Jewels is set to launch its ₹165.16 crore Initial Public Offering (IPO) on June 23, 2026. With a Grey Market Premium (GMP) signaling robust investor interest, the market is closely watching this fine jewellery player as it seeks to scale its operations.

IPO Details and Subscription Timeline

The Advit Jewels IPO is a fresh issue consisting of 1.20 crore equity shares, with no portion allocated to an Offer for Sale (OFS). The company has fixed the price band at ₹130 to ₹138 per share.

Investors can participate in the bidding process starting June 23, 2026, with the window closing on June 25, 2026. For retail investors, the minimum lot size is set at 100 shares, requiring an investment of ₹13,800 at the upper price band. Allotment is expected by June 29, 2026, followed by a scheduled listing on the NSE and BSE on July 1, 2026.

Strong Grey Market Sentiment and Brokerage View

Market sentiment appears highly bullish, with the stock currently commanding a Grey Market Premium (GMP) of approximately 47%. At this premium, the shares are estimated to list at around ₹202, significantly higher than the upper issue price of ₹138.

Adding to the positive outlook, brokerage firm SBI Securities has assigned a 'Subscribe' rating to the IPO. While noting that the company is valued at an annualized P/E multiple of 18.6x (based on 9MFY26 earnings), the brokerage maintains that the premium is justified by Advit Jewels' superior growth profile and operating margins compared to its B2B peers.

Strategic Use of Funds and Financial Health

The company plans to deploy the ₹165.16 crore proceeds toward strengthening its financial foundation. The allocation is split as follows:

  • ₹65 crore to meet incremental working capital requirements to support business expansion.
  • ₹65 crore for the repayment or prepayment of existing borrowings to reduce debt.
  • The remaining funds will be utilized for general corporate purposes.

Financially, Advit Jewels has demonstrated consistent upward momentum. For the nine-month period ending December 31, 2025, the company reported revenue from operations of ₹123.79 crore and a net profit of ₹25.44 crore.

Heritage Craftsmanship Meets Modern Manufacturing

Operating under the 'Rambhajo' brand, Advit Jewels leverages Jaipur's legacy as a gemstone hub. The company specializes in Kundan, Polki, diamond, and gemstone jewellery in 14-carat and 18-carat gold.

Unlike many small players, Advit Jewels operates a fully integrated 6,450 sq. ft. manufacturing facility. By utilizing modern technologies like 3D printers and casting units alongside skilled traditional artisans, the company manages the entire production cycle—from gold processing to final quality inspection—under one roof. This integration supports its primary B2B model while allowing for bespoke B2C customized orders.

Key Takeaways

  • Bullish Market Signal: The IPO is trading at a 47% GMP, with SBI Securities recommending a 'Subscribe' rating due to strong margins and growth potential.
  • Debt Reduction Focus: Half of the ₹165.16 crore proceeds (₹65 crore) will be used to repay existing debt, which is expected to boost future profitability.
  • Solid Financial Track Record: The company reported a healthy net profit of ₹25.44 crore for the nine months ended December 2025, backed by a strong revenue of ₹123.79 crore.