Pushpa Jewellers shares make weak debut, list at ₹112 on NSE SME, a discount of 23.81% from IPO price
The SME initial public offering (IPO), with a total issue size of ₹ 98.65 crore, was open for bidding from June 30 to July 2. The offering received a decent overall response from investors, closing with a subscription of 2.46 times.
During the three-day subscription window, the IPO garnered bids for 1.33 crore shares against the 54.19 lakh shares available. The retail investor category led the enthusiasm, subscribing 3.71 times their allotted quota. The non-institutional investor (NII) segment also showed strong participation, with a 2.51 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was fully booked as well, receiving bids 1.18 times the shares reserved.
The IPO was a combination of fresh issue of 53.7 lakh shares aggregating to ₹ 78.94 crore and offer for sale of 13.41 lakh shares aggregating to ₹ 19.71 crore. The minimum application size was 1,000 shares, implying a minimum investment of ₹ 1.47 lakh from retail investors.
The funds raised from the IPO will be used to cover the costs associated with setting up the planned new showroom, which includes expenses for capital investment and inventory for the showroom, as well as meeting working capital needs and general corporate purposes.
The IPO also raised ₹ 14.5 crore from anchor investors on Friday, June 27, 2025.
The IPO was managed by Affinity Global Capital Market, which acted as the book-running lead manager. Cameo Corporate Services served as the registrar to the issue, while Sunflower Broking Private Limited functioned as the market maker.
Pushpa Jewellers is a jewellery manufacturer specialising in lightweight 22-karat gold pieces that combine the elegance of traditional Indian craftsmanship with contemporary design sensibilities. The company offers a broad selection of gold ornaments that cater to both traditional and modern preferences. Its portfolio features intricately designed necklaces, bangles, rings, earrings, bracelets, pendants, mangalsutras, and kadas, crafted to appeal to a wide customer base.
Serving both domestic and global markets, Pushpa Jewellers exports its products to countries such as the United States, Australia, and Dubai, reflecting its growing international footprint. Domestically, it operates out of three strategically located office-showroom hybrids in Hyderabad, Bangalore, and Chennai, ensuring a strong regional presence in key southern cities.
According to its red herring prospectus (RHP), Pushpa Jewellers has identified Sky Gold Ltd (with a P/E ratio of 5.52) and Khazanchi Jewellers Ltd (with a P/E ratio of 30.98) as its listed industry peers, indicating its intention to position itself competitively within India's organised jewellery market.
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