Advit Jewels IPO Day 2: Strong Demand and 41% GMP Signal Robust Listing

The Advit Jewels IPO has entered its second day of bidding with significant momentum, fueled by high investor interest and a promising grey market premium. As the Jaipur-based jewellery specialist seeks to tap into the public markets, all eyes are on its subscription numbers and potential listing gains.

Strong Subscription Momentum and Investor Sentiment

The Advit Jewels IPO, which opened on June 23, 2026, has already demonstrated massive traction. Following a highly successful first day, the issue was subscribed 11.18 times overall. This initial surge was largely driven by retail investors, who subscribed 11.55 times the available issue size, while Non-Institutional Investors (NIIs) showed even stronger enthusiasm. While Qualified Institutional Investor (QIB) participation was comparatively moderate, the overall sentiment remains bullish.

Market sentiment is further bolstered by the Grey Market Premium (GMP), which is currently holding firm at approximately 41%. Based on the upper price band of ₹138 per share, this premium suggests an estimated listing price of around ₹194. While the GMP is an unofficial indicator, the steady premium indicates that investors are eyeing significant gains upon its debut on the NSE and BSE.

Company Profile: The Rambhajo Brand Advantage

Advit Jewels is a prominent Jaipur-based handcrafted jewellery manufacturer operating under the well-known 'Rambhajo' label. The company has carved a niche for itself by specialising in high-end Kundan, Polki, diamond, and gemstone jewellery.

A key strength of the business is its fully integrated manufacturing model. Unlike many players in the sector, Advit Jewels maintains in-house capabilities for design, casting, and finishing. This allows the company to serve a robust B2B client base while simultaneously offering customised B2C services. The ₹165.16 crore IPO is structured entirely as a fresh issue, meaning the proceeds will go directly toward the company's growth initiatives rather than being used for an Offer for Sale (OFS).

IPO Timeline and Financial Outlook

Investors participating in the issue should note the following critical dates:

  • Bidding Period: June 23 to June 25, 2026
  • Basis of Allotment: June 29, 2026
  • Listing Date: July 1, 2026

The IPO is priced in the range of ₹130–₹138 per share, with a minimum retail investment requirement of ₹13,800. Brokerages have generally issued a "Subscribe" rating for the IPO, pointing toward the company's improving profitability and healthy margins. Although its valuation is considered slightly higher than some of its peers, its strategic focus on debt reduction and expansion plans provides a positive long-term outlook. However, potential investors should remain mindful of risks such as gold price volatility and customer concentration.

Key Takeaways

  • Strong Market Interest: The IPO saw an 11.18x subscription on Day 1, driven heavily by retail and NII segments.
  • Lucrative Listing Potential: A steady 41% Grey Market Premium suggests a potential listing price near ₹194.
  • Growth-Focused Issue: The ₹165.16 crore IPO is a fresh issue intended to support the expansion of the Jaipur-based Rambhajo jewellery brand.