IPO Details
RHP/DRHPIssue Date
30 Jun - 2 Jul'25
Investment/lot
₹ 147000
Price Range
143 - 147
Lot Size
1000
IPO Size
₹ 95.97 - ₹ 98.65 Cr
Schedule of Pushpa Jewellers IPO
Start date
30/06/2025
End date
02/07/2025
Allotment of bids
Refund Initiation
Listing on exchange
About Pushpa Jewellers IPO
Pushpa Jewellers Limited IPO is an IPO of up to 67,11,000 equity shares. It consists of an offer for sale of up to 13,42,200 equity shares and a fresh issue of up to 53,68,800 equity shares. The lot size and the price range are TBA.
The listing date of the shares is TBA. The shares will be allotted on TBA. The credit of shares to the demat account will take place on TBA and the initiation of refunds will take place on TBA.
Objective of Pushpa Jewellers IPO
- To meet the working capital requirements.
- To finance establishment of proposed new showroom, i.e. (a) Capital expenditure cost for proposed new showroom (b) Inventory cost for the proposed new showroom
- General corporate purpose.
- To meet the offer expenses.
Pushpa Jewellers IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band (₹) | TBA |
Existing Shares to be Sold | Up to 13,42,200 Equity Shares |
Fresh Issue | Up to 53,68,800 Equity Shares Equity Shares |
EPS (₹) For the year ended March 31, 2024 | 7.20 |
Pushpa Jewellers IPO Share offer and Subscription Detail
| Investor Category | Shares Offered |
|---|---|
QIBs Share Offered | Not more than 50% |
Non-Institutional Bidders (NIBs) | Not less than 15% |
Retail Individual Bidders | Not less than 35% |
Industry Outlook
As per the current market research conducted by Custom Market Insights Market Research Team, the global jewellery market is expected to record a CAGR of 4.6% from 2023 to 2030. In 2023, the market size is projected to reach a valuation of USD 35,636 crore; by 2030, the valuation is anticipated to reach USD 48,821 crore.
In 2024, the revenue in the jewellery market worldwide is projected to reach a staggering USD 31,090 crore. This market is expected to experience an annual growth rate of 3.53%, according to the compound annual growth rate (CAGR) for the period 2024-2028. When compared to other countries, India leads the pack in terms of revenue generation in the jewellery market, with an estimated revenue of USD 8,126 crore in 2024. This highlights the significant role that India plays in the global jewellery market.
Gold is intrinsic to Indian culture, closely tied to religious beliefs, traditions and festivals. Bridal jewellery dominates the gold jewellery landscape, enjoying 50-55% of market share; weddings, together with festivals, constitute the two major gold purchase occasions in India.
India’s gems and jewellery exports are expected to reach USD 10000 crore by 2027. India is the second-largest gold jewellery consumer in the world, and India’s gold demand is expected to reach 800-900 tonnes in 2024. From April-January 2024, India's gems and jewellery exports were at USD 2,635 crore.
Company Information
Pushpa Jewellers Limited is a prominent jewellery maker in B2B with a presence acrossIndia. Their jewellery business includes the sale of a wide range of traditional and moderngold jewellery. Their main focus is on detailing and highlighting small areas minutely, astheir jewellery consists of some of the world’s finest stones, namely emerald, jade, pearl and meena. They have a presence across multiple regions in India, and they also export their jewellery to international markets like Dubai, the United States and Australia. Their story is woven into each piece of gold jewellery they create. With a legacy spanning decades, they have honed their craft to perfection, bringing forth a diverse array of intricately designed necklaces, bracelets, earrings and rings. Each piece is a testament to their commitment to preserving a rich heritage while embracing modern aesthetics.
Strengths of Pushpa Jewellers IPO
Quality assurance.
They hallmark all their gold products to ensure quality and purity of products, which is in line with the quality and purity metrics as prescribed by BIS. They must provide assurance to customers that all gold jewellery sold at all their showrooms is properly hallmarked. They follow stringent and transparent purity checks to ensure the quality of their jewellery before it is sold to their customers.
Efficient inventory management.
One of their key strengths lies in their advanced inventory management system. This system includes an integrated management system (IMS) based on colour coding, with categories such as yellow, green, purple, and red. This system allows them quick identification of inventory status, where red indicates overstock, while yellow signifies caution, and green indicates optimal levels. Their inventory management system includes a sophisticated bill of materials system, which ensures accurate tracking of components and materials required for each jewellery piece.
Safety, security and surveillance systems.
At the end of every day, the entire stock at each of their showrooms is shifted to a secure strongroom within the showrooms. Their factory and procurement departments are managed with their 24/7 CCTV surveillance. All of their offices or showrooms are equipped with night-vision CCTV cameras, burglar alarms, fire management systems, and remote sensors. Further, they have employed round-the-clock security personnel for providing security services at their offices or showrooms.
Risks of Pushpa Jewellers IPO
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They are highly dependent on their suppliers for uninterrupted supply of raw materials. Any shortfall in the supply of their raw materials, or an increase in their raw material costs and other input costs, may adversely affect the pricing and supply of their products, subsequently having an adverse effect on the business, results of operations and financial condition of their company : Raw materials are subject to supply disruptions and price volatility caused by various factors such as commodity market fluctuations, the quality and availability of raw materials, currency fluctuations, consumer demand, changes in government policies and regulatory sanctions.
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Fluctuations in the market price of gold could influence their income, profitability and operational scale : Gold prices have been volatile in the recent past, although there has been an increased investment demand for gold globally. Fluctuations in gold prices may affect consumer demand as well as operating costs of the company.
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They are dependent on third-party transportation providers for the delivery of their raw materials and products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well as the extent and reliability of Indian infrastructure, may have an adverse effect on their business, financial condition, results of operations and prospects :Transportation strikes could have an adverse effect on their receipt of raw materials and their ability to deliver their products to their customers. In addition, transportation costs in India have been steadily increasing over the past several years. Continuing increases in transportation costs or unavailability of transportation services for their products may have an adverse effect on their business, financial condition, results of operations and prospects.
Pushpa Jewellers IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Peers Comparison
| Parameter | Pushpa Jewellers Limited | Sky Gold Limited | Khazanchi Jewellers Limited |
|---|---|---|---|
Revenue from operations for the year ended March 31, 2024 (₹ in crores) | 255.34 | 1745.48 | 820.78 |
P/E | -- | 79.02 | 44.98 |
EPS (Diluted) (₹) | 7.2 | 35.18 | 11.04 |
Return on Net Worth (%) | 17.18 | 8.70 | 14.55 |
NAV per share (₹) | 23.1 | 184.42 | 75.87 |
IPO Registrar and Book Running Lead Managers
Book running lead managers: Affinity Global Capital Market Private Limited
Registrar for the IPO : Cameo Corporate Services Limited
Business Model
The company earns its revenue through offering a wide range of gold jewellery products with unique designs which suit every taste and occasion, from traditional to contemporary styles, perfect for weddings, festivals, and everyday wear.
Company Growth Trajectory
Revenue from operations for financial year 2023-24 stood at ₹255.34 crores as against ₹165.80 crores in the financial year 2022-23. This impressive increase of 54% is primarily attributed to the growth in revenue from the production and sale of a wide range of traditional and modern gold jewellery across India. The company also reported sale of services worth ₹2.81 crores in FY23-24, which increased from ₹0.79 crores in FY22-23. The company reported a net profit after tax of ₹7.48 crores during the period ended on 30th June 2024.
Company Market Position
Currently, they have three branches, which are office-cum-showrooms in India, situated in Hyderabad, Bangalore, and Chennai. Their plans are to expand further by establishing additional showrooms or branches in key locations such as Vijayawada. They take pride in exporting their jewellery to international markets, including Dubai, Australia, and the United States. With this, they are involved in sales, which involve selling products to other businesses rather than individual consumers. This typically includes selling in bulk to retailers, wholesalers, or other corporations who may use the jewellery as part of their product line.
Pushpa Jewellers Company Profit & Loss
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Revenue from operations (₹ crores) | 107.65 | 165.80 | 255.34 |
Profit Before Tax (₹ crores ) | 8.75 | 11.91 | 18.15 |
Net profit / (loss) (₹ crores) | 6.16 | 8.14 | 13.57 |
EBITDA (₹ crores) | 9.10 | 12.82 | 20.02 |
EPS (₹) | 3.27 | 4.32 | 7.2 |
Pushpa Jewellers Cash Flow
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Profit before tax (₹crores) | 8.75 | 11.91 | 18.15 |
Net Cash from Operating Activities (₹ crores) | -0.11 | 0.13 | 8.78 |
Net Cash from Investing Activities (₹ crores) | -0.21 | -10.62 | 0.42 |
Net Cash from Financing Activities (₹ crores) | 0.44 | 10.35 | -7.23 |
Cash and Cash Equivalents (₹ crores) | 0.17 | 0.04 | 2.02 |
How To Check Allotment Status of Pushpa Jewellers IPO?
You can check the allotment status of shares either on the website of the National Stock Exchange (NSE) or on the website of the registrar Cameo Corporate Services Limited. To check the status on the NSE website:
- Visit the NSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Pushpa Jewellers Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the Cameo Corporate Services Limited website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Pushpa Jewellers Limited from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
How To Apply for Pushpa Jewellers IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Pushpa Jewellers IPO FAQs
What is the minimum lot size required for Pushpa Jewellers IPO?
The minimum lot size is 1000 shares and the investment required is ₹147000.
What is the price band of the Pushpa Jewellers IPO?
The price band of Pushpa Jewellers IPO is ₹143 to ₹147.
Where can I read more about Pushpa Jewellers business?
You can read more about Pushpa Jewellers and its IPO from the company’s red herring prospectus (RHP) here.
What is the Pushpa Jewellers IPO?
The Pushpa Jewellers Limited IPO has an issue size of up to 67,11,000 equity shares. The IPO opens for subscription on TBA and closes on TBA.
Who is the Registrar for Pushpa Jewellers IPO?
Cameo Corporate Services Limited is the registrar for this IPO.
