Issue Date
30 Jun - 2 Jul'25
Investment/lot
₹ 147000
Price Range
143 - 147
Lot Size
1000
IPO Size
₹ 98.65 cr
Start date
30/06/2025
End date
02/07/2025
Allotment of bids
03/07/2025
Refund Initiation
04/07/2025
Listing on exchange
07/07/2025
Pushpa Jewellers Limited IPO is an IPO of up to 67,11,000 equity shares, aggregating up to ₹98.65 crores. It consists of an offer for sale of up to 13,41,000 equity shares, aggregating up to ₹19.71 cr and a fresh issue of up to 53,70,000 equity shares of face value of ₹10/- each, aggregating up to ₹74 cr. The lot size and the price range are 1000 shares and ₹143-₹147 respectively.
The listing date of the shares is July 7, 2025. The shares will be allotted on June 3, 2025. The credit of shares to the demat account will take place on July 4, 2025 and the initiation of refunds will take place on July 4, 2025.
Detail | Information |
---|---|
Upper Price Band (₹) | 147 |
Existing Shares to be Sold | Up to 13,41,000 Equity Shares, aggregating up to ₹19.71 cr |
Fresh Issue | Up to 53,70,000 Equity Shares, aggregating up to ₹74 cr |
EPS (₹) For the year ended March 31, 2024 | 11.82 |
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% |
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.
Pushpa Jewellers Limited is a wholesale B2B jewellery maker with a presence across India. Their jewellery business includes the sale of a wide range of traditional and modern gold jewellery. Their main focus is on detailing and highlighting small areas minutely, as their 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.
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.
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.
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.
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.
Parameter | Pushpa Jewellers Ltd | Sky Gold Ltd | Khazanchi Jewellers Ltd |
---|---|---|---|
Revenue from operations for the year ended March 31, 2025 (₹ in crores) | 281.061 | 771.666 (Sep‘24) | 1771.927 |
P/E | -- | 5.52 | 30.98 |
EPS (Diluted)(₹) | 11.82 | 56.13 | 18.15 |
Return on Net Worth (%) | 38.34 | 16.67 | 19.41 |
NAV per share (₹) | 30.84 | 336.63 | 93.52 |
Anchor Investor Information
The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Issue Opening Date. The Anchor investor bidding took place on June 27, 2025.
Book running lead managers: Affinity Global Capital Market Private Limited
Registrar for the IPO : Cameo Corporate Services Limited
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.
Total income for FY2025 stood at ₹281.27 crores compared to ₹255.49 crores in FY2024, reflecting a 10.09% increase.
Revenue from operations rose 10.07% from ₹255.34 crores in FY2024 to ₹281.06 crores in FY2025. Other income increased by 43.45% to ₹0.21 crore in FY2025 from ₹0.15 crore in FY2024, representing an absolute increase of ₹0.06 crore.
The company's net profit after tax grew substantially by 64.15%, reaching ₹22.29 crores in FY 2024-25 versus ₹13.58 crores in FY 2023-24. PAT margins improved from 5.31% of total income in FY 2023-24 to 7.92% in FY2025.
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.
Parameter | FY23 | FY24 | FY25 |
---|---|---|---|
Revenue from operations (₹ crores) | 165.802 | 255.343 | 281.061 |
Profit Before Tax (₹ crores) | 11.912 | 18.157 | 29.802 |
Net profit / (loss) (₹ crores) | 8.144 | 13.577 | 22.286 |
EBITDA (₹ crores) | 12.827 | 19.875 | 31.756 |
EPS (₹) | 4.32 | 7.20 | 11.82 |
Parameter | FY22 | FY24 | FY25 |
---|---|---|---|
Profit before tax (₹crores) | 11.912 | 18.157 | 29.802 |
Net Cash from Operating Activities (₹ crores) | 0.135 | 8.785 | 0.146 |
Net Cash from Investing Activities (₹ crores) | (1062.37) | 0.427 | (10.081) |
Net Cash from Financing Activities (₹crores) | 10.359 | (7.232) | 11.781 |
Cash and Cash Equivalents (₹crores) | 0.045 | 2.025 | 3.872 |
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:
Follow these steps to know the allotment status on the registrar’s website:
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.
The minimum lot size is 1000 shares and the investment required is ₹147000.
The price band of Pushpa Jewellers IPO is ₹143 to ₹147.
You can read more about Pushpa Jewellers and its IPO from the company’s red herring prospectus (RHP) here.
The Pushpa Jewellers Limited IPO has an issue size of up to 67,11,000 equity shares, aggregating to ₹98.65 crores. The IPO opens for subscription on June 30th, 2025 and closes on July 02nd 2025*.
Cameo Corporate Services Limited is the registrar for this IPO.
You may read more about Pushpa Jewellers Limited and its IPO from the company’s red herring prospectus here.