The initial public offering (IPO) of Advit Jewels opens for subscription on Tuesday, June 23. The jewellery maker shall be selling its shares in the range of Rs 130-138 apiece and investors can apply for a minimum of 100 equity shares and its multiples thereafter. The issue will close for bidding on Thursday, June 25.

Advit Jewels is eyeing to raise a total of Rs 165 crore from its IPO, which is entirely a fresh share sale of 1,19,68,000 equity shares. The net proceeds from the issue shall be utilized towards repayment or prepayment of borrowings, funding incremental working capital requirements and general corporate purposes.

Incorporated in 2019, Advit Jewels is a Jaipur-based jewellery company, specializing in handcrafted fine jewellery, with expertise in Kundan, Polki, Diamond and Studded pieces under the brand name 'Rambhajo'. It blends traditional techniques with modern designs to create unique pieces that are both timeless and contemporary.

Ahead of its IPO, Advit Jewels raised Rs 49.52 crore from four anchor investors as it allocated 35,88,700 equity shares at Rs 138 apiece. Its anchor book included names like Taurus Mutual Fund, Holani Venture Capital Fund, Mint Focused Growth Fund PCC and Venus Investment VCC.

Advit Jewels reported a net profit of Rs 25.44 crore with a revenue of Rs 123.80 crore for the nine-months ended on December 31, 2025. It clocked a net profit of Rs 25.37 crore with a revenue of Rs 124.94 crore for the financial year ended March 31, 2025. At the current valuations, the company commands a market capitalization of Rs 632 crore.

Advit Jewels has reserved 50 per cent for the qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of allocations. Retail investors have a 35 per cent of allocation in the IPO. Ahead of its IPO, Advit Jewels was commanding a grey market premium of Rs 64-65 apeice, suggesting a 46-47 per cent potential listing gains.

Holani Consultants is the sole book running lead manager for Advit Jewels IPO and Bigshare Services is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE, with July 1 as the tentative date of listing. Here's what a host of brokerage firms say about the IPO of Advit Jewels:
 

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Advit Jewel's emphasis on high-value, craftsmanship-driven jewellery categories allows it to derive value beyond gold content, supported by established customer relationships, customization capabilities and strong positioning within the traditional bridal jewellery segment, said Anand Rathi.

"The IPO is valued at an EV/EBITDA multiple of 18.9 times based on FY25 earnings, implying a post-issue market capitalization of Rs 632 crore. While the issue appears aggressively priced, its strong growth prospects, scalable business model, and favorable industry outlook support its long-term potential. We assign a 'subscribe for long term' rating," it said.

SBI Securities
Rating: Subscribe
Advit Jewels is a jewellery manufacturer with a product portfolio of traditional hand-crafted jewellery. It commands relatively superior operating margins. However, the working capital cycle is also longer due to business requirements of maintaining high inventory. It has been able to deliver a positive cash flow from operations and has initiated repayment of its borrowing from internal accruals, said SBI Securities.

It plans to completely retire its debt as of 9MFY26 through the IPO proceeds which should further help improve profitability going forward. It has delivered a CAGR of 63.7 per cent, 70.5 per cent and 56.3 per cent in revenue, EBITDA and net profit  respectively over FY23-25. The issue is valued at an annualized 9MFY26 P/E multiple of 18.6 times," it added with a 'subscribe' rating.
 

Arihant Capital Markets
Rating: Subscribe
Fresh IPO capital will ease working capital pressure and reduce reliance on high-cost gold loans, directly supporting margin stability and order execution capacity. Over the medium term, geographic expansion beyond Jaipur, new B2B client additions, and a broader product portfolio present clear growth levers. Execution risk exists, but the growth foundation is strong, said Arihant Capital.

"India's structural jewellery demand - anchored by a large wedding market, rising disposable incomes, and growing preference for premium handcrafted pieces - provides a favourable and durable operating backdrop. Key monitorables remain gold price movement, inventory normalisation, and management's ability to scale without compromising craft quality," it added.
 

SMIFS
Rating: Subscribe
Advit Jewels has delivered strong execution with revenue and PAT growing at CAGRs of 63.7% and 56.2%, respectively, during FY23-FY25, while maintaining healthy profitability and return ratios. The issue is valued at approximately 17 times FY25 earnings, which appears attractive considering its growth prospects, profitability profile and long-term scalability, said SMIFS.

"Given the multiple growth levers in place and the potential for revenues and earnings to scale significantly as capacity utilization improves and the retail business ramps up over the next few years, we recommend subscribing to the issue as a long-term investment," it added.

Canara Bank Securities
Rating: Subscribe
Backed by the century -old Rambhajo legacy, it has shown strong revenue growth, healthy EBITDA margins of around 30 per cent, and a business model that benefits from premium positioning in the high-end wedding and bridal market, A key strength is its specialized craftsmanship, which creates a strong competitive moat and makes the product difficult to replicate on a mass scale, said Canara Bank Securities.

"It is shifting toward higher-margin B2C sales, which could improve brand visibility and cash flow over time. The IPO is useful because it helps reduce debt and support working capital needs, which should make the balance sheet more flexible. The issue appears attractive for investors seeking a growth-oriented premium jewellery story with a strong legacy, niche focus, and room for future expansion," it added.

BP Equities
Rating: Subscribe
Advit Jewels is valued at a P/E multiple of 13 times based on annualized FY26 earnings, said BP Equities. "Given its  historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a 'subscribe' rating for this issue with a medium to long-term investment horizon."

Marwadi Financial Services
Rating: Subscribe
"We assign a 'subscribe' rating to this IPO, supported by the company's integrated manufacturing capabilities, diversified product portfolio, and strong focus on design and innovation," said Marwadi Financial Services. It is available at a reasonable valuation considering the growth potential of the company, the brokerage firm added.

Ventura Securities
Rating: Subscribe
The proceeds from the IPO are intended to support Advit's growth strategy and general corporate requirements while strengthening its capital base. With its strong brand legacy, premium handcrafted jewellery portfolio, and scalable manufacturing platform, Advit is positioned to capitalize on the growing demand for organized and branded jewellery in India, said Ventura with a 'subscribe' tag.

Beacon Capital (Equivision)
Rating: Subscribe
Advit Jewels has demonstrated strong growth momentum, with revenue from operations rising 79.9 per cent to 124.94 crore in FY25 from 69.44 crore in FY24, driven by an expanding product portfolio, increasing customer demand, and favorable gold price trends. Its ability to maintain healthy operating margins alongside robust revenue growth reflects operational efficiency, said Beacon.

"Participation in major jewellery exhibitions such as IIJS, Couture India, Bridal Asia, JAS, and JJS has enhanced market visibility and strengthened customer acquisition. The upcoming flagship store in Jaipur and the approved franchise expansion model are expected to strengthen brand presence and support long-term growth across Tier-1 and Tier-2 cities," it said with 'subscribe' rating.