Pushpa Jewellers Limited, a leading name in the wholesale B2B jewellery sector, is opening its doors to public investors with its Initial Public Offering (IPO). With an expansive footprint across India and exports to global markets like Dubai, the United States, and Australia, the company is now entering the equity capital market through a Book Built Issue of ₹98.65 Crores. The IPO comprises a Fresh Issue of 53.70 lakh shares worth ₹78.94 Crores and an Offer for Sale (OFS) of 13.41 lakh shares, amounting to ₹19.71 Crores.

The IPO subscription window opens on June 30, 2025, and will close on July 2, 2025. The allotment date is expected on or around July 3, 2025, and the listing is tentatively scheduled on NSE SME on July 7, 2025.

IPO Price Band, Lot Size & Minimum Investment

The Pushpa Jewellers IPO price band is fixed at ₹143 to ₹147 per equity share. With a lot size of 1,000 shares, the minimum investment required for retail investors is ₹1,47,000. High-Net-Worth Individuals (HNIs) must apply for a minimum of 2 lots (2,000 shares), which totals to ₹2,94,000. The expected market capitalization of Pushpa Jewellers at the upper price band is around ₹356.07 Crores.

The IPO is being managed by Affinity Global Capital Market Private Limited, while Cameo Corporate Services Limited acts as the registrar to the issue. Sunflower Broking Private Limited has been appointed as the market maker.

Grey Market Premium (GMP) and Listing Expectations

The Grey Market Premium (GMP) of Pushpa Jewellers IPO is reported at ₹17, suggesting an expected listing price of ₹164. This implies a potential gain of 11.56% over the issue price of ₹147. It is essential to remember that GMP is unregulated, and while it reflects market sentiment, it should only be considered indicative and not definitive of actual performance.

As of 11:00 AM on July 2, 2025, the IPO is subscribed 1.37 times, indicating good investor interest.

Anchor Investor Participation

Before the IPO opened to the public, Pushpa Jewellers raised ₹14.05 Crores from Anchor Investors at the upper end of the price band (₹147). A total of 9,56,000 shares were allotted to anchor investors, showcasing strong institutional confidence in the company’s business model and financial strength.

Step-by-Step Guide to Check IPO Allotment

To check if you’ve been allotted shares:

• Visit the Cameo Corporate Services website or IPO allotment portal.

• Select Pushpa Jewellers Limited IPO from the dropdown list.

• Enter your Application Number, PAN, or DP Client ID.

• Click on Submit to view your allotment status.

Company Overview

Pushpa Jewellers is an established name in the Indian jewellery sector, known for its traditional and modern gold jewellery collections. The company is deeply focused on fine detailing and precision craftsmanship, using premium gemstones such as Emerald, Jade, Pearl, and Meena.

They operate a B2B wholesale model with a robust domestic network and a steadily growing export presence. With their signature craftsmanship and wide design catalog, they cater to an elite clientele in India and abroad.

Promoter Experience and Management Team

The business is led by seasoned entrepreneurs with more than 20 years of industry experience:

• Mr. Anupam Tibrewal – Managing Director (MD)

• Mr. Madhur Tibrewal – Chief Financial Officer (CFO)

• Mr. Mridul Tibrewal – Chief Executive Officer (CEO)

Their decades of expertise in the jewellery industry ensure solid operational management and financial prudence.

Financial Performance Snapshot

Pushpa Jewellers has demonstrated consistent growth in revenues, EBITDA, and profit over the last three financial years:

This upward trend underscores the company's strong market presence, increased operational efficiency, and expansion into newer geographies.

Valuation Metrics

• Pre-Issue EPS (FY24): ₹11.82

• Post-Issue EPS (FY24): ₹9.20

• Pre-Issue P/E Ratio: 12.43x

• Post-Issue P/E Ratio: 15.98x

• Industry P/E Ratio: 110x

• ROCE (FY24): 27.84%

• ROE (FY24): 47.31%

• Return on Net Worth (RoNW): 38.34%

Compared to the industry P/E ratio, Pushpa Jewellers appears to be conservatively priced, offering value potential to investors with long-term focus.

Utilisation of IPO Proceeds

The company aims to utilise the net proceeds for:

1. ₹4,539.39 Lakhs – To meet working capital requirements.

2. ₹190.00 Lakhs – Capital expenditure for the establishment of a new showroom.

3. ₹345.60 Lakhs – To finance inventory requirements for the proposed showroom.

4. Allocation towards general corporate purposes.

5. Funds will also be used to cover IPO-related expenses.

This planned capital deployment is expected to boost business scalability and support expansion of the retail footprint.

IPO Review and Investor Recommendation

Given the robust financial performance, premium product portfolio, and industry experience of promoters, Pushpa Jewellers IPO looks like a strong candidate for listing gains. The GMP of ₹17 further reinforces the market's positive sentiment. However, due to volatility and high valuation in the jewellery sector, the IPO is best suited for risk-taking investors looking for short-term gains or medium-term value appreciation.

Despite being in a highly competitive and unorganized jewellery sector, Pushpa Jewellers has carved a distinctive niche with quality craftsmanship and focused B2B positioning.

Conclusion

The Pushpa Jewellers IPO offers a unique opportunity to invest in a growing traditional Indian jewellery brand with global reach and strong fundamentals. The price band of ₹143–₹147, listing on NSE SME, and backing by anchor investors all add credibility to the offering.

While the IPO seems fairly valued considering its financial trajectory and ROE, investors should consult their financial advisors, evaluate their risk profile, and track subscription data and market response before making a final investment decision.

Disclaimer:
The information provided in this IPO review is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to invest. Please consult your financial advisor before investing. Market investments are subject to risks. Read all related documents carefully. This content is based on publicly available data and market trends as of the date of publication and is subject to change.

The Upcoming IPOs in this week and coming weeks are Smarten Power Systems, Glen Industries, Travel Food Services, Anthem Biosciences, Chemkart India, Meta Infotech, Happy Square Outsourcing Services, Cryogenic OGS.

The Current active IPO are Crizac, Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions.

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