Advit Jewels Ltd. listed at a premium of 37% in its stock market debut on Wednesday. The stock opened at Rs 188.90 on the NSE and Rs 187 on the BSE. The issue price was Rs 138.
The initial public offering of Advit Jewels Ltd witnessed a strong investor participation across categories, with the issue getting subscribed a massive 212.63 times, on the third and last day of bidding.
The portion reserved for non-institutional investors received a whopping 536.38 times subscription, while the quota for Qualified Institutional Buyers (QIBs) was booked 174.98 times. The retail investor subscribed their category 95.30 times. The strong subscription to the IPO has made it one of the most sought after offerings of this year so far.
Advit Jewels Financials
Advit Jewels plans to become debt-free and aggressively expand its consumer-facing business under the Rambhajo brand through the proceeds of its upcoming initial public offering (IPO), Chairman and Managing Director Nitin Gilara said.
"After repayment of debt, the company will become debt-free. The focus thereafter will be on scaling up our B2C business in a significant manner," Gilara told PTI.
Proceeds from the issue will be utilised towards the repayment of borrowings worth Rs 65 crore, funding working capital requirements of Rs 65 crore, and general corporate purposes.
ALSO READ: Advit Jewels IPO Closes Today: Strong GMP Points To Robust Debut After 44x Subscription
About The Company
Advit Jewels manufactures jewellery under its Rambhajo brand from its Jaipur facility and is known for customised Kundan and Polki creations. The company designs unique pieces blending traditional craftsmanship with contemporary aesthetics and caters to both domestic retailers and high-net-worth individual clients.
Advit Jewels, which currently operates predominantly in the business-to-business (B2B) segment supplying dealers, showrooms and jewellery retailers, plans to establish around 30 Rambhajo-branded stores over the next three years through the franchisee route across metropolitan centres and tier-II cities.
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