Advit Jewels IPO subscribed 74x with 38% GMP, signals strong demand for premium handcrafted jewellery

Jaipur-based Advit Jewels (Rambhajo label) closed its Rs 165.16 cr IPO at 74.09x with grey market premium of 37.68%, pointing to robust listing gains July 1. Contrasts sharply with Cordelia Cruises parent Waterways Leisure's Rs 585 cr issue, which drew tepid 0.66x demand.

— Source publishedThu, 25 Jun, 2026, 11:15 IST·First seen Thu, 25 Jun, 2026, 11:28 IST·Source NDTV Profit

What happened

Advit Jewels (Jaipur-based premium handcrafted jewellery under Rambhajo label) IPO subscribed 74x with 38% GMP; Waterways Leisure (Cordelia Cruises) Rs 585 cr

Key facts

  • Rs 165.16 crore
  • Rs 585 crore
  • Rs 145.78 crore
  • Rs 130-138
  • Rs 769-808
  • GMP 37.68%
  • subscribed 74.09x

Why this matters

Advit's blockbuster IPO sets a favorable valuation benchmark for premium jewellery brands and may accelerate listing plans for regional handcrafted players, while leisure-sector issuers should reconsider timing.

What to watch

  • July 1 listing price and Day 1 volume
  • Gold price trajectory and wedding season demand commentary
  • Promoter lock-in expiry calendar
  • Q1FY26 results from listed branded jewellery peers (Kalyan, Senco, PN Gadgil)
  • Anchor investor disclosure and post-listing institutional flow
  • Track Advit listing day price action vs GMP for read-through to jewellery IPO pipeline
  • Screen comparable listed handcrafted/regional jewellers for sympathy moves
  • Monitor Waterways Leisure revised pricing or withdrawal as counter-signal
  • Watch for follow-on DRHP filings from Jaipur/Surat jewellery cluster

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