Pushpa Jewellers Limited, a reputed B2B jewellery manufacturer and exporter, has successfully concluded its ₹98.65 crore Book Built IPO. The issue comprises a fresh issue of 53.70 lakh equity shares worth ₹78.94 crore and an offer for sale of 13.41 lakh shares worth ₹19.71 crore. The IPO was open from June 30 to July 2, 2025, and was subscribed 1.37 times by the final day.

The IPO price band was fixed between ₹143 to ₹147 per equity share, with the market capitalisation at the upper price band reaching ₹356.07 crore. The minimum application size for retail investors was 1 lot (1,000 shares) amounting to ₹1,47,000, and for HNIs, 2 lots (₹2,94,000).

IPO Timeline & Listing Details:

• Allotment Date: July 3, 2025 (Thursday)

• Listing Date: July 7, 2025 (Monday)

• Exchange: NSE SME

• Registrar: Cameo Corporate Services Limited

• Lead Manager: Affinity Global Capital Market Pvt Ltd

• Market Maker: Sunflower Broking Pvt Ltd

Anchor Investment Details:

Pushpa Jewellers raised ₹14.05 crore from anchor investors on June 28, 2025, at the upper end of the price band (₹147). A total of 9,56,000 equity shares were allotted to institutional investors through this route. These shares were carved out of the Qualified Institutional Buyers (QIB) quota.

Grey Market Premium (GMP) Analysis:

As per the GMP trend on June 25, 2025, the GMP stood at ₹17, implying an expected listing price of ₹164 and a potential listing gain of 11.56%. However, GMP is not regulated, and its accuracy can vary depending on sentiment and liquidity in the unofficial market.

Steps to Check IPO Allotment:

To check your Pushpa Jewellers IPO allotment status on the allotment date (July 3, 2025):

1. Visit the IPO allotment portal of Cameo Corporate Services Limited

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

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

4. Click on Submit to view allotment status

Objectives of the IPO:

The net proceeds from the IPO will be used as follows:

1. ₹4,539.39 lakh for working capital requirements

2. To finance a new showroom:

   • ₹190 lakh for capital expenditure

   • ₹345.60 lakh for inventory purchase

3. Allocation for general corporate purposes

4. To meet offer-related expenses

These initiatives reflect the company’s ambition to expand retail infrastructure and enhance operational capabilities.

About the Company:

Pushpa Jewellers Limited is an India-based B2B gold jewellery manufacturer with a growing domestic and international footprint. The company is known for its intricate detailing, and it specializes in crafting traditional and modern gold jewellery using precious stones like Emerald, Jade, Pearl, and Meena.

The brand is active across multiple Indian states and exports jewellery to Dubai, the United States, and Australia. Their business model emphasizes precision craftsmanship, wholesale relationships, and cross-border delivery of high-value ornaments.

Management Team:

The company is led by a highly experienced promoter group:

• Mr. Anupam Tibrewal – Managing Director

• Mr. Madhur Tibrewal – Chief Financial Officer

• Mr. Mridul Tibrewal – Chief Executive Officer

Each member of the leadership team brings over 20 years of experience in jewellery manufacturing, export logistics, and wholesale market operations.

Financial Performance:

Revenue from Operations:

• FY2023: ₹16,584.08 lakh

• FY2024: ₹25,548.93 lakh

• FY2025: ₹28,127.08 lakh

EBITDA:

• FY2023: ₹1,290.23 lakh

• FY2024: ₹2,008.91 lakh

• FY2025: ₹3,204.82 lakh

Profit After Tax (PAT):

• FY2023: ₹814.39 lakh

• FY2024: ₹1,357.71 lakh

• FY2025: ₹2,228.63 lakh

The company has grown consistently across all financial parameters, showcasing strong margins and scaling potential.

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 Benchmark: ~110x

• Return on Capital Employed (ROCE): 27.84%

• Return on Equity (ROE): 47.31%

• Return on Net Worth (RoNW): 38.34%

These indicators suggest the IPO is reasonably priced, especially considering the industry averages and future growth outlook.

IPO Review & Recommendation:

With solid fundamentals, a well-structured promoter group, and a consistent rise in revenue and profit, Pushpa Jewellers IPO appears to be a strong SME play in the jewellery segment. The GMP of ₹17 indicates modest enthusiasm in the grey market, reflecting moderate listing gain potential.

That said, SME IPOs carry higher volatility and liquidity risks, and this issue also includes an OFS component, which must be weighed.

Final Verdict:

This IPO may appeal to:

• High-risk investors seeking short-term listing gains

• Investors confident in the jewellery and exports industry

• Those with a medium-term outlook and risk appetite for SME IPOs

Recommendation: ✅ “Apply for Listing Gain” — Only for Risk-Accepting Investors

Disclaimer:

The information provided in this review is for educational and informational purposes only and should not be interpreted as investment advice. Please consult with a SEBI-registered financial advisor before making any investment decision. Data used in this article is based on public disclosures available as of July 2, 2025.

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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