Advit Jewels IPO sails through Day 3 at 44x; GMP signals 38% listing pop
Rambhajo-branded Kundan/Polki jeweller Advit Jewels closed its ₹138-priced IPO 44.16x subscribed with GMP at +₹52. Backed by ₹1,238 cr 9MFY26 revenue and ₹254.4 cr profit, fresh issue funds ₹65 cr debt repayment. HDFC, Canara, Anand Rathi flag subscribe ahead of 1 July listing.
What happened
Advit Jewels IPO, a Kundan/Polki handcrafted jewellery maker under the Rambhajo brand, subscribed 44.16x by day 3 with GMP signalling 38% listing pop.
Key facts
- 44.16x subscription
- GMP +52
- 38% listing premium
- IPO price ₹138
- revenue ₹1,238 cr 9MFY26
- net profit ₹254.4 cr
- fresh issue 1.20 cr shares
- ₹65 cr debt repayment
Why this matters
Advit's blockbuster reception signals an open IPO window for mid-sized branded jewellers, creating a benchmark for peer listings and potential consolidation targets in the Kundan/Polki niche.
What to watch
- Listing day open price vs ₹190 GMP-implied
- Block deals or anchor exits in first 30 days
- Gold price swings impacting Kundan/Polki margins
- Wedding season demand commentary in FY27 guidance
- Peer jewellery stock momentum (Senco, Kalyan, Titan)
- Track anchor lock-in expiry calendar and promoter holding disclosures
- Benchmark listing-day VWAP vs PN Gadgil, Senco, Kalyan peers
- Monitor debt repayment execution from ₹65 cr fresh issue proceeds
- Watch Q4FY26 SSSG and Rambhajo brand expansion guidance