Pushpa Jewellers, a renowned wholesale B2B jewellery manufacturer, has launched its ₹98.65 Crore IPO on the NSE SME platform, attracting the attention of investors across India. The subscription period runs from June 30, 2025 to July 02, 2025, with allotment expected on or around July 03, 2025 and a tentative listing date of July 07, 2025.

The IPO structure includes a Fresh Issue worth ₹78.94 Crores (53.70 lakh shares) and an Offer for Sale (OFS) worth ₹19.71 Crores (13.41 lakh shares).

Price band is ₹143–₹147 per equity share, implying a market capitalisation of ₹356.07 Crores at the upper end. The lot size is 1,000 shares, with minimum investment of ₹1,47,000 for retail investors and ₹2,94,000 for HNIs (2 lots).

Affinity Global Capital Market Private Limited is the lead manager, Cameo Corporate Services Limited is the registrar, and Sunflower Broking Private Limited acts as market maker.

Business Profile and Product Range

Pushpa Jewellers is known for its extensive range of Traditional and Modern Gold jewellery. Their competitive edge lies in minute detailing and highlighting small areas with precision, using world-class stones like Emerald, Jade, Pearl, and Meena.

They serve B2B wholesale markets across India and export to international destinations such as Dubai, United States, and Australia, showcasing their global reach.

Their commitment to quality craftsmanship and premium materials helps them stand out in a highly competitive market.

Experienced Leadership Driving Growth

The company is led by seasoned promoters with over 20 years of industry experience:

• Mr. Anupam Tibrewal (Managing Director)

• Mr. Madhur Tibrewal (Chief Financial Officer)

• Mr. Mridul Tibrewal (Chief Executive Officer)

Their expertise ensures strong vendor networks, efficient operations, and innovative designs that keep Pushpa Jewellers ahead in the market.

Financial Performance Highlights

Pushpa Jewellers has shown steady, impressive financial growth:

• Revenue from Operations: ₹16,584.08 Lakh (FY23), ₹25,548.93 Lakh (FY24), ₹28,127.08 Lakh (FY25)

• EBITDA: ₹1,290.23 Lakh (FY23), ₹2,008.91 Lakh (FY24), ₹3,204.82 Lakh (FY25)

• Profit After Tax (PAT): ₹814.39 Lakh (FY23), ₹1,357.71 Lakh (FY24), ₹2,228.63 Lakh (FY25)

This consistent growth signals strong demand, effective cost control, and resilient market positioning.

Valuation and Key Ratios

Pushpa Jewellers has disclosed the following valuation metrics:

• Pre-issue EPS: ₹11.82

• Post-issue EPS: ₹9.20

• Pre-issue P/E: 12.43x

• Post-issue P/E: 15.98x

• Industry P/E: 110x

• ROCE (FY24): 27.84%

• ROE (FY24): 47.31%

• RoNW: 38.34%

These figures indicate fair pricing, offering a balance between growth prospects and investor value.

Use of IPO Proceeds

The company plans to use the funds to:

• Enhance working capital for expanding sales and inventory

• Grow distribution channels within India and internationally

• Invest in technology for better design and operational efficiencies

• Increase brand visibility in both domestic and export markets

These plans support long-term sustainable growth and global competitiveness.

Grey Market Premium (GMP) Insight

The Grey Market Premium for Pushpa Jewellers IPO is around ₹17, indicating an expected listing gain of ~11.56%.

However, investors should note:

• GMP is unofficial and varies with demand and supply

• It is not regulated or guaranteed

• Prudent investors should base decisions on fundamentals, not speculative grey market trends

Strong Export Focus

Pushpa Jewellers has built a robust export business with a presence in Dubai, United States, and Australia.

Their strategy includes:

• Custom designs for local tastes

• Partnerships with distributors abroad

• Participation in international jewellery exhibitions

This global footprint diversifies revenue streams and boosts brand prestige.

Competitive Advantages

Pushpa Jewellers stands out through:

• High-quality detailing and craftsmanship

• Use of premium stones like Emerald, Jade, Pearl, Meena

• Traditional and modern design mix

• Experienced leadership with deep industry knowledge

• Strong supplier networks for consistent quality and cost management

These strengths support market leadership in the B2B segment and aid in scaling operations.

Risks and Considerations

While prospects look strong, investors should be aware of:

• Gold price volatility impacting input costs

• Currency fluctuations affecting exports

• Competition from established jewellery brands

• Cyclical demand in luxury goods impacting sales

Investors should carefully assess risk appetite, especially given lower liquidity typical in SME listings.

Expert Views and Recommendations

Market experts have provided a "Risky Apply" recommendation, suggesting:

• Short-term investors may seek listing gains

• Long-term investors should monitor quarterly results, expansion plans, and use of IPO funds

• Fundamentals over speculation remains the sound strategy

Conclusion

The Pushpa Jewellers IPO offers a chance to invest in a fast-growing, export-oriented B2B jewellery brand with solid financials, strong leadership, and quality craftsmanship.

Its mix of Traditional and Modern Gold jewellery with premium stones appeals to a wide market, while its international expansion highlights the brand's ambition.

For investors willing to accept SME market risks, the IPO represents a promising opportunity to participate in India's dynamic jewellery industry.

Disclaimer:

This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

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