Jaipur-based fine jewelry manufacturer Advit Jewels Limited has set its initial public offering price band at Rs 130–138 per share. The book-built issue opens for subscription from June 23 to June 25, 2026. The capital raised from the 1.19 crore fresh shares will expand working capital and liquidate debt.
NEW DELHI — Jaipur-based handcrafted jewelry manufacturer Advit Jewels Limited has finalized the price band for its upcoming initial public offering (IPO) at Rs 130 to Rs 138 per equity share. The public subscription window for the book-built issue is scheduled to open on Tuesday, June 23, 2026, and will close on Thursday, June 25, 2026. According to the company’s finalized Red Herring Prospectus (RHP), anchor investor bidding will take place on Monday, June 22, 2026.
This pricing framework represents a crucial milestone for the heritage brand as it prepares to list its shares on both the National Stock Exchange (NSE) and the BSE.
Capital Structure and Truncated Fresh Issue Strategy
According to official regulatory filings, Advit Jewels Limited has strategically reduced the overall size of its public market debut. The initial proposal outlined in the Draft Red Herring Prospectus (DRHP) intended an issuance of up to 1.38 crore equity shares. However, the updated RHP reveals a truncated public offer consisting entirely of a fresh issue of up to 1,19,68,000 equity shares with a face value of Rs 10 each.
The public offering contains no Offer for Sale (OFS) component, meaning existing promoters—including Vipul Gilara, Nitin Gilara, and Prateek Gilara—will not divest their equity or cash out during this round. All gross proceeds raised from the fresh issue will flow directly into the corporate balance sheet to fund specific operational expansions.
Deployment of IPO Funds and Operational Footprint
The management has designated the net capital proceeds for targeted corporate advancements. A core allocation of Rs 65 crore is earmarked to strengthen the company’s incremental net working capital requirements. This is critical to supporting an ongoing inventory ramp-up, which includes a seven-story retail showroom currently under development in Jaipur to handle direct-to-consumer premium bridal and designer jewelry collections.
Additionally, a significant portion of the capital will be used for the repayment or prepayment of outstanding debt obligations secured from scheduled commercial banks, while the remainder will back general corporate purposes.
Incorporated in 2019, Advit Jewels operates as an integrated manufacturer and wholesaler of high-end traditional and contemporary handcrafted fine jewelry under the prominent heritage brand "Rambhajo," which traces its craftsmanship legacy back to 1921. The enterprise specializes in custom-made Kundan, Polki, diamond, and precious stone-studded pieces utilizing 14-karat and 18-karat gold. Its manufacturing operations are centralized under one roof in a 6,450-square-foot facility in Jaipur, Rajasthan, managing a total capacity of 400 kg annually.
Financial Performance and Investor Allocations
Financial statements included in the regulatory filings highlight rapid growth over consecutive fiscal cycles:
Revenue Evolution: Total revenue climbed from Rs 46.60 crore in FY23 to Rs 124.94 crore in FY25. For the first nine months of FY26 (ended December 31, 2025), the firm recorded an interim total income of Rs 123.80 crore.
Profitability: Net profit after tax (PAT) grew from Rs 10.39 crore in FY23 to Rs 25.37 crore in FY25. The profit stood at Rs 25.44 crore for the nine months ended December 2025.
Balance Sheet Metrics: The return on net worth (RoNW) was reported at 46.34% for FY25, alongside an EBITDA margin of 29.73%. However, operational cash flows have faced pressures due to inventory build-up, standing negative at Rs 36.97 crore in FY25 before turning positive at Rs 17.83 crore by December 2025.
The capital allocation structure for the 1.19 crore share issue is distributed as follows:
| Investor Category | Percentage of Share Allocation | Target Shares Offered |
| Qualified Institutional Buyers (QIBs) | Not more than 50.00% | 59,81,300 shares |
| Non-Institutional Investors (NIIs / HNIs) | Not less than 15.00% | 17,96,700 shares |
| Retail Individual Investors (RIIs) | Not less than 35.00% | 41,90,000 shares |
Official Sources Section
The operational, financial, and structural mandates outlined in this report are sourced explicitly from the final Red Herring Prospectus (RHP) filed by Advit Jewels Limited with the Securities and Exchange Board of India (SEBI), alongside formal corporate briefings dispatched by the lead financial coordinators.
Holani Consultants Private Limited is serving as the sole book-running lead manager for the public issue, while Bigshare Services Private Limited has been appointed as the official registrar monitoring subscription and allotment logistics.
Quote Section
"According to officials outlining the strategic roadmap in the regulatory filings, the capital infusion from the fresh issue will systematically reduce institutional leverage and provide the required liquidity buffer to support the expanded brick-and-mortar retail footprint in North India."
Why It Matters
For retail and institutional investors, the setting of the Advit Jewels IPO price band at Rs 130–138 provides a clear valuation framework to gauge the asset against listed boutique jewelry competitors such as RBZ Jewellers Limited and Radhika Jeweltech Limited. The capitalization strategy highlights an industry-wide trend where regional heritage brands are transitioning from localized B2B operations to institutional, tech-enabled direct retail networks.
Key Facts at a Glance
IPO Price Band: Fixed at Rs 130 to Rs 138 per equity share.
Subscription Window: Opens on June 23, 2026, and closes on June 25, 2026.
Total Issue Details: 1,19,68,000 shares via a 100% fresh issue model with zero promoter offloading.
Allotment & Listing Timeline: Finalization of allotments is expected on June 29, 2026, with tentative listing on the National Stock Exchange and BSE on July 1, 2026.
FAQ Section
1. What is the lot size and minimum investment for the Advit Jewels IPO?
While the exact retail lot size (number of shares per application lot) will be explicitly verified via exchange circulars shortly, it is structured around standard bidding minimums aligning with retail application limits of up to Rs 2,00,000.
2. When will the shares of Advit Jewels be credited to demat accounts?
Following the expected finalization of the allotment basis on June 29, 2026, unallotted application refunds will initiate on June 30, 2026, with successful equity shares credited to investors' demat accounts on the same day ahead of the July 1 listing.
3. How does the company intend to utilize the Rs 65 crore working capital?
The capital is designated to scale up inventory levels, specifically premium bridal sets and designer ornaments, to supply its upcoming multi-level flagship retail experience showroom in Rajasthan.
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