IPO Overview
Incorporated in 2019, Advit Jewels Limited is a Jaipur-based jewellery manufacturer specializing in handcrafted fine jewellery under the well-known “Rambhajo” brand. The company focuses on premium Kundan, Polki, Diamond and Studded jewellery that blends traditional Indian craftsmanship with contemporary design aesthetics. The Rambhajo brand traces its roots back to 1921, giving the company a legacy brand recall in traditional jewellery. The company offers a diversified portfolio comprising necklaces, earrings, rings, bangles and customized jewellery crafted in 14K and 18K gold using diamonds and coloured gemstones. Advit Jewels primarily operates under a B2B business model, supplying products to dealers, retailers and jewellery showrooms across India. The company has a pan-India presence, generating revenue from states including Maharashtra, Haryana, Gujarat, Delhi, Punjab, Rajasthan, West Bengal, Uttar Pradesh, and Telangana.
The company is now launching its mainboard IPO on the BSE and NSE. It is a book-built issue aggregating up to ₹165.16 crore, with the entire issue consisting of a fresh issue of 1,19,68,000 equity shares. There is no OFS component; the company will receive the proceeds directly. The price band is set at ₹130–₹138 per share, and the lot size is 100 shares, making the minimum retail investment around ₹13,800. The IPO opens on 23 June 2026 and closes on 25 June 2026, with listing expected around 1 July 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 23 June 2026 |
| IPO Close Date | 25 June 2026 |
| Allotment Date | 29 June 2026 (Expected) |
| Listing Date | 1 July 2026 (Tentative) |
| Price Band | ₹130 – ₹138 per share |
| Face Value | ₹10 per share |
| Lot Size | 100 shares |
| Minimum Investment (Retail) | ₹13,800 (100 shares) |
| Minimum Investment (sNII) | ₹2,07,000 (15 lots = 1,500 shares) |
| Minimum Investment (bNII) | ₹10,07,400 (73 lots = 7,300 shares) |
| Issue Size | ₹165.16 crore |
| Fresh Issue | 1,19,68,000 shares (₹165.16 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue, meaning no promoter exit. The company will receive all proceeds directly.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 50% |
| Non-Institutional Investors (NII) | 15% |
| Retail Investors (RII) | 35% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The issue consists completely of a fresh issue of equity shares, with no offer for sale component, meaning the company will directly receive all the proceeds to fund its operations.
Pre-IPO Placement: The company raised ₹27.44 crore in a pre-IPO placement of 8,00,000 shares in May 2026, at ₹343 per share.
Objects of the Issue (Fund Utilization)
Funding incremental working capital requirements of the company — ₹65.0 crore. Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company from scheduled commercial banks — ₹65.0 crore. The remaining balance will be deployed toward general corporate purposes.
- Funding incremental working capital requirements — ₹65.0 crore
- Repayment / pre-payment of outstanding borrowings from scheduled commercial banks — ₹65.0 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Holani Consultants Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The company’s promoters are Mr. Nitin Gilara, Mr. Prateek Gilara, Mr. Vipul Gilara, and Mr. Krishna Vardhan Gilara — collectively part of the Gilara family promoter group.
Promoter Holding: Promoters currently hold 94.59%, which will come down to 69.88% after IPO listing.
Company Details
Since its incorporation in 2019, Advit Jewels has been a leading jewellery company that manufactures fine jewellery in Kundan, Polki, Diamond, and Studded pieces under the brand name Rambhajo. The firm incorporates traditional techniques with a mixture of modern designs to craft jewellery that is unique yet affordable.
Sectors Served:
- Jewellery Manufacturing & Retail (B2B & B2C)
- Bridal & Occasion-led Jewellery
Key Products:
- Necklaces, Earrings, Rings, Bangles
- Customized Bridal & Occasion Jewellery
- Kundan, Polki, Diamond & Studded Jewellery (14K & 18K Gold)
Key Capabilities:
- Integrated manufacturing excellence — incorporates the art of handmade jewellery crafting along with modern technology like CAD, 3D printing, laser cutting, and casting, ensuring efficiency and quality within internal processes.
- Diverse range of jewellery including Antique, Bridal, Traditional, Contemporary, and Fusion styles across various price points, helping retain customers through repeat business.
- 100% handmade jewellery, with artisans trained across generations.
Manufacturing Facility:
- Centrally located in Jaipur, Rajasthan — a major hub for the Indian jewellery industry.
Quality & Security Practices:
- Sources gold exclusively from authorized bullion suppliers to guarantee purity, with comprehensive security measures including 24/7 CCTV surveillance and fire safety systems.
Employee Strength: As of April 30, 2026, the company had 111 employees on its payroll.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹46.60 | — |
| FY24 | ₹69.45 | ₹14.71 |
| FY25 | ₹124.94 | ₹25.37 |
Key Financial Metrics
- Revenue grew from ₹46.60 crore (FY23) to ₹124.94 crore (FY25), a CAGR of ~64% over two years. PAT margins remained in the 20–22% range across all three reported fiscals.
- At the upper price band of ₹138 per share, Advit Jewels IPO is valued at a market cap of ₹632.18 crore. Post-IPO EPS stands at ₹7.41, while the post-IPO P/E ratio is 18.64x. The Price-to-Book ratio stands at 7.60x.
Company Strengths
- Heritage brand “Rambhajo” with roots tracing back to 1921, giving the company strong legacy brand recall in traditional jewellery.
- Integrated manufacturing excellence combining traditional handmade craftsmanship with modern technology like CAD, 3D printing, laser cutting, and casting.
- Strong and consistent revenue growth with healthy PAT margins (20–22%) across reported fiscals.
- Diverse jewellery range across multiple categories and price points, supporting repeat business and customer retention.
- Entire IPO is a fresh issue — no promoter exit; all proceeds directed towards business growth and debt reduction.
- Pan-India distribution presence across 9+ states, reducing geographic concentration risk.
Key Risks & Challenges
- Heavy dependence on the B2B distribution model — reliant on dealers, retailers, and showrooms rather than direct consumer sales.
- Exposure to gold price volatility, which can directly affect input costs and working capital requirements.
- Significant portion of IPO proceeds (₹65 crore) directed towards debt repayment rather than pure business expansion.
- Highly competitive and fragmented Indian jewellery retail and manufacturing market.
- Recent pre-IPO placement done at a much higher price (₹343 per share in May 2026) compared to the IPO price band of ₹130–₹138, which investors should factor into valuation comparisons.
- Mainboard IPO valuation at a P/E of ~18.64x — investors should assess this relative to listed jewellery sector peers before applying.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
