Live Status
GMP & Subscription
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 3)43.4× overall
NII / HNI
109×
QIB
36.7×
Retail
19.1×
Overall
43.4×
Grey Market PremiumUnofficial
₹28▲ +16%
Est. listing price ≈ ₹205 on issue price of ₹177
GMP trend (approx.)
Aug 31
₹55
Sep 1
₹43
Sep 2
₹44
Sep 3
₹28
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. Anchor investors were allotted 77,91,789 shares (30%, ~₹138 Cr) ahead of the open.
Last updated: Subscription: Sep 3, 5:40 PM (final) · GMP: Sep 3, 5:09 PM IST
Issue Details
IPO Details & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Sep 1
Opens
Sep 3
Closes
Sep 4
Allotment
Sep 7
Refund/Demat
Sep 8
Listing
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹250.00 Cr |
| Offer for Sale | ₹209.72 Cr |
| Market Cap | ≈ ₹1,701 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Emkay Global, Valmiki Leela |
| Registrar | Bigshare Services |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 1,120.4 | 1,400.1 | 1,927.7 | +38% |
| EBITDA | 88.6 | 102.9 | 146.3 | +42% |
| PAT | 28.9 | 40.6 | 104.8 | +158% |
| Net Margin | 2.6% | 2.9% | 5.4% | — |
Post-issue EPS
₹12.78
P/E
≈13.8x
ROE
56.45%
Restated consolidated figures from the RHP. FY26 = year ended Mar 31, 2026.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Deepa Jewellers | 13.8x | 56.45% | 5.4% |
| Khazanchi Jewellers | 22.2x | — | — |
| RBZ Jewellers | 10.1x | — | — |
| Sky Gold | — | ~30% | — |
| Shringar House | — | ~23% | — |
Priced mid-band on P/E with a materially higher ROE than most peers — the crux of the bull case. Fill blank cells from each peer's latest figures before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Ashish, Seema & Dev Agarwal |
| Pre-issue | 100% |
| Post-issue | 72.98% |
| Objects of Issue | |
|---|---|
| Long-term working capital (inventory) | ₹215 Cr |
| General corporate purposes | Balance |
The ₹209.72 Cr OFS is existing shareholders selling — that cash goes to them, not the company.
IPO Review: Strengths & Risks
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Exceptional profit growth — PAT up 158% in FY26 with margin expansion.
- High ROE (56.45%) vs listed jewellery peers.
- Reasonable P/E (~13.8x) — mid-band, not aggressively priced.
- Strong, broad demand — final subscription 43.4x (QIB 36.7x, NII 109x, retail 19x); GMP positive (~16%).
- Wide South-India footprint: 47 retail chains and 326 standalone stores across 13 states.
Risks
- Working-capital-intensive model — profitability tied to inventory and gold-price cycles.
- Large OFS (46% of the issue) — promoters taking money off the table.
- Regional concentration in the south limits diversification.
- Thin net margins (5.4%) typical of jewellery retail — sensitive to gold volatility.
- FY26 profit jump is recent; sustainability across cycles is unproven.
Post-Listing Review
Did the signal hold up? Updates after Sep 8
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Apply