June 24, 2025
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What is the last grey market premium of Pushpa Jewellers IPO?
Listing Review: Will update on listing.
Subscription status of Pushpa Jewellers IPO
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Pushpa Jewellers IPO Price Rs. 147 Lot 1000 shares, Rs.63.75 Crore |
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| QIB | NII x | RII x | Total x | Applications |
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Pushpa Jewellers IPO Allotment Link:
What is the business of Pushpa Jewellers ?
Incorporated in June 2009, Pushpa Jewellers Limited is a distinguished jewellery manufacturer renowned for its expertise in lightweight 22kt gold designs that seamlessly blend traditional Indian craftsmanship with contemporary aesthetics.
The company offers a broad portfolio of high-quality gold jewellery, encompassing both traditional and modern styles. Its product range includes necklaces, rings, earrings, bangles, bracelets, pendants, mangalsutras, and kadas.
With a growing footprint across India, Pushpa Jewellers also exports to key international markets including Dubai, the United States, and Australia. The company operates three strategically located branches—functioning as both offices and showrooms—in Hyderabad, Bangalore, and Chennai.
As of June 30, 2024, the company employed approximately 69 professionals across various organizational levels, supporting its operations and growth.
Pushpa Jewellers IPO Details
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Sector: |
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| IPO opens on | 30 June 2025 |
| IPO closes on | 2 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 67,11,000 Shares / Rs 98.65 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – Shares/ Rs.? Crore |
| Market Maker Portion | 336,000 Shares |
| Net offer to Public | 63,75,000 Shares Rs.93.71 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 143-147 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | NSE SME |
| Investor Category | Shares | % | Rs. |
| Market Maker | 3,36,000 | 5.01 | 4.94 |
| QIB Shares | 31,87,500 | 37.51 | 46.86 |
| NII (HNI) | 9,56,300 | 11.25 | 14.05 |
| Retail | 22,31,200 | 26.25 | 32.80 |
| Total Shares | 67,11,000 | 100.00 | 98.65 |
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 1000 | Rs.1,47,000 |
| Retail (Max) | 1 | 1000 | Rs.1,47,000 |
| HNI (Min) | 2 | 2,000 | Rs.2,94,000 |
Who are the Promoters of Pushpa Jewellers ?
The Promoters of the Company are Mr. Mridul Tibrewal, Mr. Anupam Tibrewal and Mr. Madhur Tibrewal.
What are the Objects of Pushpa Jewellers IPO?
*To meet working capital Expenses Rs. 39.54 Cr.
*To Finance Establishment of proposed new showroom
*Cost of Capital expenditure for the proposed new showroom
*Cost of Inventory for the proposed new showroom Rs. 3.46 Cr.
*General Corporate Purposes
*To meet the offer related expenses
Pushpa Jewellers IPO Timetable
Tentative timetable |
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| IPO opens on | 30 June 2025 |
| IPO Closes on | 2 July 2025 |
| IPO Allotment on | 3 July 2025 |
| Refund Initiation | 4 July 2025 |
| Credit of Shares | 4 July 2025 |
| Listing on | 7 July 2025 |
| Registered Office of the Company Pushpa Jewellers Limited Unit 4A, Tirumala 22, Premises No. 22, East Topsia Road, Kolkata, West Bengal, 700046 |
| The Lead Manager of this IPO Affinity Global Capital ltd |
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Who is the Registrar to IPO? Cameo Corporate Servces ltd |
Pushpa Jewellers IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Pushpa Jewellers Financials
| Period Ended | 30-Jun-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 73.91 | 51.46 | 43.39 | 21.79 |
| Revenue | 66.47 | 255.49 | 165.84 | 73.91 |
| Profit After Tax | 7.48 | 13.58 | 8.14 | 6.17 |
| Net Worth | 43.56 | 36.08 | 22.5 | 14.35 |
| Reserves and Surplus | 24.7 | 35.84 | 22.27 | 14.12 |
| Total Borrowing | 18.64 | 8 | 13.92 | 3 |
| Amount in Rs. Crore | ||||
Performance Indicators
| KPI | Values |
| ROE | 37.64% |
| ROCE | 43.90% |
| Debt/Equity | 0.22 |
| RoNW | 37.64% |
| PAT Margin | 5.32% |
| EBITDA Margin | 7.78% |
| Price to Book Value | 7.68 |
| EPS | Rs.7.20 |
| PE Ratio | 20.41 |
How Pushpa Jewellers IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Pushpa Jewellers Limited | 20.41 | 17.18 |
| Sky Gold Ltd | 174.08 | 8.7 |
| Khazanchi Jewellers Ltd | 44.98 | 14.55 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Pushpa Jewellers IPO Review by Paresh Gordhandas, CA & Research Analyst.
Pushpa Jewellers Limited – Company Overview & IPO Insights
Incorporated in June 2009, Pushpa Jewellers Limited is a well-established jewellery manufacturer, acclaimed for its mastery in crafting lightweight 22kt gold pieces. The company skillfully merges traditional Indian artistry with modern design sensibilities to cater to a diverse clientele.
Its extensive product portfolio includes high-quality gold jewellery such as necklaces, rings, earrings, bangles, bracelets, pendants, mangalsutras, and kadas—offering a balanced mix of traditional and contemporary styles.
The company is launching an Initial Public Offering (IPO) with a net issue size of ₹93.71 crore. While this is relatively large, especially in a market currently saturated with multiple IPOs, achieving significant oversubscription may be challenging.
Financial Highlights:
Pushpa Jewellers has demonstrated robust growth in both its topline and bottomline performance. A thorough review of the balance sheet reveals no signs of financial manipulation. Inventory and receivables, amounting to Rs.52.00 crore, appear reasonable in relation to the company’s average monthly sales of Rs.21.28 crore.
Analyst View:
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Fundamental Perspective: May apply
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Grey Market Sentiment: [Pending]
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