The much-awaited Pushpa Jewellers IPO is set to open for public subscription from June 30 to July 2, 2025, marking a significant step forward for this established B2B jewellery enterprise. The IPO is being launched as a Book Built Issue with a price band of ₹143 to ₹147 per share, and the company seeks to raise ₹98.65 crores, of which ₹78.94 crores is through a Fresh Issue and ₹19.71 crores through an Offer for Sale.

Pushpa Jewellers Limited is a wholesale B2B jewellery manufacturer operating across India. The company is known for its exquisite craftsmanship, offering a wide selection of traditional and modern gold jewellery. Pushpa Jewellers uses some of the world’s finest gemstones, including Emerald, Jade, Pearl, and Meena, and maintains a growing export network in Dubai, the United States, and Australia.

IPO Snapshot

• IPO Opening Date: June 30, 2025

• IPO Closing Date: July 2, 2025

• Allotment Date: July 3, 2025

• Listing Date (Tentative): July 7, 2025

• Exchange: NSE SME

• Price Band: ₹143 to ₹147

• Market Capitalisation at Upper Price Band: ₹356.07 Crores

• Fresh Issue Size: ₹78.94 Crores (53.70 lakh shares)

• Offer for Sale (OFS): ₹19.71 Crores (13.41 lakh shares)

• Total Issue Size: ₹98.65 Crores

• Lot Size: 1,000 Shares

• Retail Minimum Investment: ₹1,47,000

• HNI Minimum Investment: ₹2,94,000 (2 lots)

IPO Managers and Market Maker

The IPO is being managed by Affinity Global Capital Market Private Limited as the Book Running Lead Manager. Cameo Corporate Services Limited is the registrar for the issue, and Sunflower Broking Private Limited will act as the Market Maker.

Anchor Investor Details

Pushpa Jewellers IPO has successfully raised ₹14.05 crores from Anchor Investors at the upper price band of ₹147 per share. A total of 9,56,000 equity shares were allocated to anchor investors, reflecting strong institutional interest prior to the IPO launch.

Grey Market Premium (GMP)

As of June 25, 2025, the Grey Market Premium (GMP) for Pushpa Jewellers IPO stands at ₹17, indicating a potential listing price of ₹164, or an 11.56% expected listing gain.

Note: GMP data is unofficial and merely indicates market sentiment. It is not a reliable measure for final listing price and should be interpreted cautiously.

Financial Performance Highlights

Pushpa Jewellers has demonstrated robust financial growth over the past three years:

Revenue from Operations

• FY23: ₹16,584.08 Lakh

• FY24: ₹25,548.93 Lakh

• FY25: ₹28,127.08 Lakh

EBITDA

• FY23: ₹1,290.23 Lakh

• FY24: ₹2,008.91 Lakh

• FY25: ₹3,204.82 Lakh

Profit After Tax (PAT)

• FY23: ₹814.39 Lakh

• FY24: ₹1,357.71 Lakh

• FY25: ₹2,228.63 Lakh

These figures reflect strong year-on-year growth in profitability and business operations, underpinned by high domestic and international demand.

Valuation and Ratios

• Pre-Issue EPS: ₹11.82

• Post-Issue EPS: ₹9.20

• Pre-Issue P/E Ratio: 12.43x

• Post-Issue P/E Ratio: 15.98x

• Industry P/E Benchmark: 110x

Other Key Performance Indicators:

• Return on Capital Employed (ROCE): 27.84%

• Return on Equity (ROE): 47.31%

• Return on Net Worth (RoNW): 38.34%

These metrics suggest that the IPO is fairly valued, and the business maintains operational efficiency and capital productivity.

IPO Objectives

The funds raised via the IPO will be allocated as follows:

1. ₹4,539.39 Lakhs – Working Capital Requirements

2. ₹190.00 Lakhs – Capital expenditure for setting up a new showroom

3. ₹345.60 Lakhs – Inventory cost for the new showroom

4. General Corporate Purposes

5. Issue Expenses

The strategic use of proceeds indicates a strong focus on expansion and operational growth, enabling the brand to further establish itself in India’s lucrative jewellery segment.

Allotment and Listing Procedure

Investors can check their Pushpa Jewellers IPO allotment status from July 3, 2025, via the registrar’s website:

Steps:

1. Go to the IPO allotment status page on Cameo Corporate Services’ site.

2. Select “Pushpa Jewellers Limited IPO” from the list.

3. Enter your application number, PAN, or DP Client ID.

4. Submit to view allotment status.

This simple process ensures transparency and helps investors plan their next move post-allotment.

Expert Review and Investor Guidance

Pushpa Jewellers stands out with its deep industry experience, premium product offerings, and a clear growth roadmap. With a reasonable valuation, solid financials, and healthy GMP activity, the IPO appears attractive for those seeking short-term listing gains and long-term exposure to the luxury jewellery market.

Pros:

• Strong financial track record and YOY growth

• Presence in domestic and international markets

• Fair valuation compared to industry peers

• Demand reflected through Anchor Investor participation

• GMP indicates positive listing sentiment

Risks:

• Jewellery business is susceptible to fluctuations in gold prices

• SME IPOs may face liquidity issues post-listing

• Regulatory compliance and export market dependence could affect growth

Final Verdict:
Risk-tolerant investors may apply for listing gains, while long-term investors may consider the company for its growth potential in the premium jewellery segment, but only after careful portfolio evaluation.

Disclaimer:
This article is for educational and informational purposes only and should not be construed as financial advice. Investment in securities, including IPOs, is subject to market risks. Please consult your financial advisor before making any investment decisions. GMP is unofficial and should not be solely relied upon. The data is based on publicly available sources and subject to market changes.

The Upcoming IPOs in this week and coming weeks are Travel Food Services, Cryogenic, Crizac, Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions.

The Current active IPO are Neetu Yoshi, Adcounty Media India, Moving Media Entertainment, Valencia India, PRO FX Tech, Ace Alpha Tech, Indogulf Cropsciences.

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