Advit Jewels IPO Subscribed 6.75x on Day 1; GMP Points to 43% Listing Gains

Key Takeaways

• Advit Jewels IPO oversubscribed 6.75x by 2 PM on Day 1 (June 23, 2026)
• NII category led with 12.60x subscription; RII at 7.50x; QIB at 1.04x
• GMP of ₹60 implies expected listing price of ~₹198 vs upper band of ₹138, a 43% premium
• Issue closes June 25; listing scheduled July 1, 2026, on NSE and BSE
• Four brokerages, SBI Securities, SMIFS, Anand Rathi, Equivision, all rate it “Subscribe.”

Jaipur’s Advit Jewels opened its ₹165.16 crore IPO to a strong reception on Tuesday, June 23, with the issue fully subscribed within an hour of bidding beginning and racing to 6.75x overall by 2 PM, according to NSE data. The issue received bids for approximately 4.30 crore shares against a total offer of 83.79 lakh shares.

Subscription Breakdown: NII Category Leads the Rush

The issue had already crossed 5.14x by 12:50 PM with bids for 4.30 crore shares against 83.79 lakh shares on offer. By the 2 PM mark, as reported by the Economic Times, that figure had climbed to 6.75x. The NII (Non-Institutional Investor) category outpaced all other segments; retail investors can apply for a minimum of 1 lot of 100 shares at ₹13,800, while the company has reserved 35% for retail investors, 50% for QIBs, and 15% for NIIs.

Source: NSE data as of 2:00 PM, June 23, 2026

The NII number, 12.60x in barely half a trading day, is consistent with the HNI demand pattern seen in recent small-cap jewellery issues with clean fresh-issue structures and no OFS component, according to brokerage commentary from SMIFS and Anand Rathi on this issue.

GMP: Grey Market Signals ~43% Pop at Listing

GMP for Advit Jewels stands at ₹60 per share as of June 23 afternoon (per IPOji), indicating an expected listing price of approximately ₹198 against the upper price band of ₹138, a potential premium of around 43%.

These are grey market figures, unofficial, unregulated, and not a SEBI-sanctioned indicator, but sentiment-wise, the signal is unambiguous. Prior to the issue opening, the company raised ₹49.52 crore in the anchor round from investors including Holani Venture Capital Fund-1, Mint Focused Growth Fund PCC-Cell 1, Taurus Mutual Fund, and Venus I.

IPO Structure and Key Dates

Source: Advit Jewels RHP / NSE

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What the Company Does — and One Thing Most Coverage Misses

Advit Jewels, incorporated in 2019, operates under the heritage ‘Rambhajo’ brand, specialising in handcrafted Kundan, Polki, diamond, and studded jewellery sold through a B2B model across dealers, showrooms, and retailers in over 9 states. In FY25, B2B contributed 81.63% of revenue with the remaining 18.37% from B2C customised orders.

The less-discussed detail: the Rambhajo brand traces its roots back to 1921 per the company’s RHP brand description, giving the company legacy recall that a corporate entity incorporated only in 2019 wouldn’t normally carry. That heritage positioning is part of why it commands a premium valuation over older listed B2B peers.

The customer base expanded from 96 in FY23 to 258 in FY25, with nearly 79% of FY25 customers placing repeat orders, a meaningful stickiness signal for a wholesale business.

Financial Snapshot: Strong Growth, But Watch the Cash Flow

Revenue from operations grew 79.93% from ₹69.44 crore in FY24 to ₹124.94 crore in FY25, while net profit rose 72.47% from ₹14.71 crore to ₹25.37 crore. For the nine months ended December 31, 2025, revenue was ₹123.79 crore with a net profit of ₹25.44 crore. EBITDA margin stands at 29.63% and PAT margin at 20.55% for FY25, per the RHP.

Source: Advit Jewels RHP

That’s not the whole story, though. Operating cash flows remained negative in FY25, with approximately ₹36.98 crore locked up in inventory and receivables. Inventory stood at ₹107.23 crore in FY25, representing around 85% of current assets. Borrowings have also moved sharply, rising from ₹5.84 crore in FY23 to ₹74.80 crore in FY25, pushing the debt-to-equity ratio to 1.29.

Use of IPO Proceeds

Source: Advit Jewels RHP

What Brokers Are Saying

SBI Securities has assigned a Subscribe rating, noting the company commands superior operating margins versus many B2B jewellery peers. Anand Rathi also rates it Subscribe for the long term, citing the EV/EBITDA multiple of 18.9x on FY25 earnings and the company’s scalable business model.

SMIFS, which also rates it Subscribe, flagged revenue and PAT CAGRs of 63.7% and 56.2%, respectively, between FY23 and FY25, calling the 17x FY25 P/E attractive relative to growth prospects.

Equivision (Beacon Capital) echoed this with a Subscribe call, highlighting the company’s participation in major jewellery exhibitions like IIJS, Couture India, and Bridal Asia as drivers of brand visibility, alongside an upcoming flagship showroom in Jaipur and a franchise expansion model targeting Tier-1 and Tier-2 cities.

Oddly, while the market cap is ₹632 crore, peers RBZ Jewellers and Radhika Jeweltech trade at P/E multiples of 10x and 9x respectively, well below Advit’s 18.6x ask. Bluestone sits at a lofty 542x, which arguably flatters comparisons for Advit.

Bottom Line

Advit Jewels has opened to one of the stronger Day 1 receptions in the SME-to-mainboard space this June, with NII demand particularly aggressive at 12.60x before Day 1 afternoon.

The real test will be whether the QIB segment, sitting at just 1.04x so far, pushes materially higher by the June 25 close.

In comparable mainboard jewellery IPOs over the past 12 months, QIB subscriptions above 5x at close have generally anchored stable listing-day price performance. Watch NSE subscription data on Day 2 and Day 3 for the confirmation signal before listing on July 1.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Grey market premium (GMP) is an unofficial, unregulated indicator and should not be treated as a predictor of listing price. Please consult a SEBI-registered financial advisor before making investment decisions.