Advit Jewels Lists at 37% Premium on NSE as Rs. 165.16 Crore IPO Gets Subscribed 212.63 Times; GMP, Market Cap, Subscription Details and Use of Proceeds Explained
Advit Jewels debuted strongly on the stock exchange on July 1, listing at a sharp premium over its public offering price after heavy demand from investors. The shares were listed at Rs. 188.90 per share on the NSE, a premium of 36.88% against the issue price of Rs. 138.
On BSE, Advit Jewels opened at Rs. 187 per share, which is 35.51% up from the issue price. After listing, the company’s market capitalisation stood at Rs. 856.65 crore.
Listing Beats IPO Price, Matches GMP Trend
The price was in line with the grey market expectations. The Advit Jewels IPO GMP was around of Rs. around Rs. 49.50 per share, which suggested an estimated listing price of Rs. 187.50. This implied premium of around 35.87% over the offer price.
The company’s Rs. 165.16-crore IPO was open for subscription from June 23-25 and had a price band of Rs. 130 to Rs. 138 per share. The minimum lot size was 100 shares, requiring a retail investment of Rs. 13,800 at the upper price band.
IPO Subscribed 212.63 Times
Advit Jewels IPO garnered a robust response from all the investor categories, with a total subscription of 212.63 times. The most subscribed category was non-institutional investors with a total of 536.38 times the subscriptions. The qualified institutional buyers segment saw 174.98 times the subscription and the retail segment saw 95.30 times.
Earlier, the company had raised Rs. 49.52 crore from anchor investors.
Use of IPO Proceeds
The IPO was a fresh issue of 1.20 crore equity shares with no offer-for-sale. Advit Jewels will use Rs. 65 crore out of the proceeds in the form of incremental working capital and another Rs. 65 crore for repayment/prepayment of scheduled commercial bank loans. The remaining funds will be used for general corporate purposes.
Holani Consultants Pvt. Ltd. was the book-running lead manager, and Bigshare Services Pvt. Ltd. was appointed as the registrar.
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About Advit Jewels
Advit Jewels is a Jaipur-based jewellery-making company incorporated in 2019 under the name of “Rambhajo”. The company specialises in handcrafted Kundan, Polki, diamond and studded jewellery with necklaces, earrings, rings, bangles and customised jewellery in 14K and 18K gold.
The company operates primarily through a B2B model and provides its dealers, showrooms and retailers in India with its products, with select B2C customers through made-to-order jewellery.
