Priority Jewels IPO Draws Strong Demand Ahead of Final Day
Priority Jewels’ initial public offering entered its final day of bidding on Tuesday after attracting bids for more than 29 times the shares reserved for public investors by the close of the second day.
The ₹91.5 crore mainboard IPO opened on August 28 and is scheduled to close on September 1. The price band has been fixed at ₹190 to ₹200 per equity share, with a minimum application of 75 shares, requiring ₹15,000 at the upper end of the band.
According to exchange data reported after the second day of bidding, the issue had received bids for about 9.30 crore shares against 32.02 lakh shares available to investors, taking overall subscription to 29.03 times.
Demand has been particularly strong among non-institutional and retail investors. The NII portion was subscribed more than 42 times, while the retail portion was subscribed nearly 39 times by the end of Day 2. Qualified institutional buyers had subscribed 1.68 times.
The figures are not final. Bidding remains open on September 1, and the final subscription numbers will depend on applications received before the issue closes.
IPO details and use of funds
Priority Jewels is offering 45.75 lakh new equity shares through the IPO. There is no offer-for-sale component, meaning the entire public issue consists of fresh shares.
The company plans to use ₹75 crore of the net proceeds to repay or prepay certain working-capital borrowings. The remaining proceeds are earmarked for general corporate purposes.
The company had also raised ₹27.45 crore from anchor investors ahead of the public issue. It allotted 13.72 lakh shares at ₹200 apiece to four anchor investors, including WhiteOak Capital Equity Fund, Sanshi Fund-I, Plutus Investment Trust and Khandelwal Finance.
The IPO is being managed by Mefcom Capital Markets, while MUFG Intime India is acting as the registrar.
Business and financial performance
Mumbai-based Priority Jewels was incorporated in 2007 and manufactures lightweight diamond-studded gold and platinum jewellery. Its product range includes rings, earrings, pendants, neckwear, bracelets and occasion jewellery.
The company primarily operates as a supplier to independent jewellers and organised jewellery chains. Its disclosed customer base includes names such as CaratLane Trading, Kalyan Jewellers India, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold.
As of June 30, 2026, the company said it had more than 200 customers, including 125 independent jewellers and 53 jewellery chains. It had a presence across 21 states and three Union territories and exported to 13 countries.
Financially, Priority Jewels reported total income of ₹539.03 crore for fiscal 2026, up from ₹435.87 crore in fiscal 2025. Profit after tax increased to ₹17.65 crore from ₹10.51 crore over the same period.
The company also reported revenue of about ₹146.7 crore and profit of ₹6.4 crore for the quarter ended June 2026.
GMP points to a premium, but remains unofficial
The IPO has also attracted attention in the grey market. The latest reports available on the morning of September 1 put the grey-market premium at around 23% over the ₹200 upper end of the issue price band.
That would imply an indicative price of roughly ₹246 if the premium were to hold, although such calculations should not be confused with a forecast.
Grey-market premiums are unofficial and unregulated. They are not published by the NSE, BSE, SEBI or Priority Jewels and can change before listing. The actual listing price can therefore differ substantially from any GMP-based estimate.
Anand Rathi has reportedly assigned a “Subscribe for Long Term” rating to the issue, citing Priority Jewels’ established customer relationships and opportunities to expand its business. The brokerage also pointed to risks including gold-price volatility, changing consumer preferences and competition in jewellery manufacturing.
When will Priority Jewels shares be allotted and listed?
The basis of allotment is expected to be finalised on September 2. Refunds and credit of shares to successful applicants are scheduled for September 3, while listing on the NSE and BSE is tentatively scheduled for September 4.
For investors considering the issue on its final day, the subscription figures provide a clear indication of demand, but they do not determine the eventual listing performance.
Priority Jewels’ ability to grow its customer base, manage working-capital requirements and maintain profitability will matter beyond the initial market debut. The company also faces the usual risks associated with jewellery manufacturing, including movements in gold prices, inventory requirements and competition.
For now, the key near-term event is the close of bidding on September 1. The final subscription figures and the eventual allotment will provide the next clearer picture of investor demand.
