Pushpa Jewellers IPO will open on June 30, 2025, and close on July 2, 2025. This is a Book Build Issue, aiming to raise approximately ₹98.65 crores, which includes a fresh issue of ₹74.00 crores and an offer for sale of up to 13,41,000 equity shares with a face value of ₹10 each.
The IPO price band is set at ₹143 to ₹147 per share. The retail quota is 35%, QIB quota is 50%, and HNI quota is 15%. Pushpa Jewellers IPO is scheduled to list on NSE on July 7, 2025, with allotment date set for July 3, 2025.
Financially, the company reported revenue of ₹281.27 crores in 2025, up from ₹255.49 crores in 2024. Profit increased to ₹22.29 crores in 2025, compared to ₹13.58 crores in 2024. Given these strong financials, investors may consider applying for this IPO with a long-term perspective.
Pushpa Jewellers IPO Date & Price Band Details
| IPO Open Date: | June 30, 2025 |
| IPO Close Date: | July 2, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹143 to ₹147 Per Share |
| Issue Size: | Approx ₹98.65 Crores |
| Fresh Issue: | Approx ₹74.00 Crores |
| Offer for Sale: | Approx 13,41,000 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | NSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Pushpa Jewellers Company Overview, Strengths, and Risks
Pushpa Jewellers Limited is an Indian B2B gold jewelry manufacturing company that has been in operation for over 15 years. They specialize in lightweight 22kt gold jewelry, blending traditional Indian craftsmanship with modern designs, and are involved in both domestic and international sales.
Pushpa Jewellers Company Overview:
- Incorporation and Status: Pushpa Jewellers Private Limited was incorporated on June 2, 2009, and later became a Public Limited Company in July 2024. Its current status is Active.
- Business Model: Primarily a wholesale B2B gold jewelry manufacturer, selling in bulk to retailers and other businesses. They also have an export presence in Dubai, the USA, and Australia.
- Product Range: Offers a wide variety of traditional and modern gold jewelry, including necklaces, rings, bangles, earrings, bracelets, pendants, mangal sutras, and kadas, often incorporating stones like emeralds, pearls, jade, and meena.
- Operations: Integrates internal design with outsourced manufacturing by 33 experienced Karigars (artisans) primarily located in Kolkata. They have office-cum-showrooms in Hyderabad, Bangalore, and Chennai, with plans for expansion to Vijayawada.
- Financials (as of March 31, 2025):
- Revenue: ₹281.27 crore
- Profit After Tax (PAT): ₹22.29 crore
- Net Worth: ₹58.14 crore
- Total Assets: ₹91.10 crore
- Employees: Approximately 90
- Management: Led by promoters Mr. Anupam Tibrewal (Chairman & Managing Director) and Mr. Mridul Tibrewal (Whole-Time Director & CEO), with Mr. Madhur Tibrewal as Whole-Time Director & CFO. The board includes executive and independent directors.
- IPO: Pushpa Jewellers is offering an SME IPO on the NSE Emerge platform from June 30, 2025, to July 2, 2025, with a price band of ₹143-147 per equity share. The IPO size is approximately ₹98.65 crores, comprising both fresh issue and offer for sale.
Strengths:
- Established Brand & Experience: Over 15 years of presence in the B2B wholesale jewelry market, establishing “PUSHPA” as a reputable brand.
- Design Excellence & Craftsmanship: Specializes in lightweight 22kt gold jewelry that blends traditional Indian craftsmanship with modern designs. They collaborate with skilled Karigars for intricate detailing.
- Diverse Product Portfolio: Caters to a wide range of customer demands, from bridal jewelry to daily wear, and uses high-quality stones.
- B2B & Export Focus: Strong presence in the wholesale B2B segment, complemented by a growing export business to international markets like Dubai, the USA, and Australia, diversifying revenue streams.
- Operational Efficiency: Utilizes an integrated management system (IMS) for stock and cost management, and CRM/SaaS systems for client relationship management. They aim for efficient inventory turnover.
- Quality Assurance: BIS certified, with all products having the BIS hallmark, and stringent two-stage quality control procedures implemented.
- Growth Potential: Plans for expanding showroom networks in key locations and increasing market penetration.
- Strong Financial Performance: Has shown consistent revenue and profit growth in recent financial years.
Risks:
- Reliance on Key Clients: The company’s revenue is significantly dependent on a few key clients, and the loss of any major customer could adversely impact business stability.
- Fluctuations in Gold Prices: The jewelry sector is highly influenced by volatility in gold prices, which can affect the company’s margins and profitability.
- Supply Chain Dependence: High reliance on a limited number of major suppliers for raw materials (gold and stones) poses supply chain risks. Any disruption or increase in raw material costs could negatively affect operations.
- Dependency on Karigars: A significant portion of manufacturing relies on independent artisans (Karigars). Any challenges or changes affecting their operations could impact production.
- Competitive and Fragmented Market: Operates in a highly competitive and fragmented jewelry market, which could put pressure on pricing and market share.
- Operational Delays and Cancellations: Verbal orders and potential delays, modifications, or cancellations of customer orders could adversely affect revenue and financial condition.
- Limited Direct Retail Presence: While expanding, the primary B2B model and a moderate number of operational branches might limit rapid expansion of direct retail presence and customer base diversification.
- Increased Borrowings: Borrowings have increased significantly in recent years, which could pose a financial risk if not managed effectively.
- Economic Downturns: Luxury spending, including jewelry purchases, can be sensitive to economic downturns, impacting sales.
- Regulatory Changes: Changes in import/export regulations could affect international sales.
Pushpa Jewellers IPO Market Lot
The minimum market lot for the Pushpa Jewellers IPO is 1000 shares, requiring an application amount of ₹1,47,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1000 | ₹1,47,000 |
| Retail Maximum | 1 | 1000 | ₹1,47,000 |
| S-HNI Minimum | 2 | 2,000 | ₹2,94,000 |
Pushpa Jewellers IPO Allotment & Listing Dates
The Pushpa Jewellers IPO will open on June 30 and close on July 2. The allotment is expected to be finalized on July 3, with the listing date set for July 7. You can check Subscription Status.
| Type | Date |
|---|---|
| IPO Open Date: | June 30, 2025 |
| IPO Close Date: | July 2, 2025 |
| Basis of Allotment: | July 3, 2025 |
| Refunds: | July 4, 2025 |
| Credit to Demat Account: | July 4, 2025 |
| IPO Listing Date: | July 7, 2025 |
Pushpa Jewellers IPO: Promoters
The promoters of the company are Mr. Mridul Tibrewal, Mr. Anupam Tibrewal, and Mr. Madhur Tibrewal.
Pushpa Jewellers IPO Company Financial Report
The company reported revenue of ₹281.27 crores in 2025, up from ₹255.49 crores in 2024. It also reported a profit of ₹22.29 crores in 2025, compared to ₹13.58 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹73.91 | ₹98.91 | ₹6.17 | ₹21.79 |
| 2023 | ₹165.84 | ₹153.93 | ₹8.14 | ₹43.39 |
| 2024 | ₹255.49 | ₹237.33 | ₹13.58 | ₹51.46 |
| 2025 | ₹281.27 | ₹251.47 | ₹22.29 | ₹91.10 |
Pushpa Jewellers IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 47.31% |
| ROCE: | 27.84% |
| EBITDA Margin: | 11.30% |
| PAT Margin: | 7.93% |
| Debt to equity ratio: | 0.38 |
| Earning Per Share (EPS): | ₹11.82 (Basic) |
| Price/Earning P/E Ratio: | [.] |
| Return on Net Worth (RoNW): | 38.34% |
| Net Asset Value (NAV): | ₹30.83 |
Pushpa Jewellers IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Sky Gold Limited | 56.13 | 5.52 | 16.67% | 336.63 | 57.94 Cr. |
| Khazanchi Jewellers Limited | 18.15 | 30.98 | 19.41% | 93.52 | 44.92 Cr. |
Objects of the Issue – Pushpa Jewellers IPO
- To meet working capital expenses
- To finance establishment of the proposed new showroom
- Capital expenditure for the proposed new showroom
- Inventory cost for the proposed new showroom
- General corporate purposes
- To meet offer-related expenses
Pushpa Jewellers IPO Review
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Pushpa Jewellers IPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/
Pushpa Jewellers IPO Lead Managers aka Merchant Bankers
- Affinity Global Capital Market Private Limited
Pushpa Jewellers Company Address
Pushpa Jewellers Limited
Unit 4A, Tirumala 22,
Premises No. 22,
East Topsia Road,
Kolkata, West Bengal, 700046
Phone: 033 4006 3154
Email: cs@pushpajewellers.in
Website: http://www.pushpajeweller.com/
FAQs – Pushpa Jewellers IPO
The Pushpa Jewellers IPO opens for subscription on June 30, 2025, and closes on July 2, 2025. The allotment is expected to be finalized on July 3, 2025, and the shares are scheduled to list on NSE SME on July 7, 2025.
The IPO price band for Pushpa Jewellers is set at ₹143 to ₹147 per equity share.
The minimum market lot for the Pushpa Jewellers IPO is 1000 shares. This means a retail investor needs to apply for a minimum of 1000 shares, amounting to ₹1,47,000 at the upper end of the price band.
Pushpa Jewellers aims to raise approximately ₹98.65 crores through this IPO. This includes a fresh issue of ₹74.00 crores and an Offer for Sale of up to 13,41,000 equity shares.
As of current market information (June 29, 2025), the Grey Market Premium (GMP) for Pushpa Jewellers IPO is reported as ₹0. However, GMP can be volatile and may change before listing.
Pushpa Jewellers reported revenue of ₹281.27 crores and a profit of ₹22.29 crores in FY2025, showing significant growth from the previous fiscal year (FY2024 revenue of ₹255.49 crores and profit of ₹13.58 crores).
The promoters of Pushpa Jewellers Limited are Mr. Mridul Tibrewal, Mr. Anupam Tibrewal, and Mr. Madhur Tibrewal.
The company intends to utilize the IPO proceeds to meet working capital expenses, finance the establishment of a proposed new showroom (including capital expenditure and inventory costs), and for general corporate purposes, as well as to cover offer-related expenses.
Pushpa Jewellers IPO is scheduled to list on the NSE SME platform.
Pushpa Jewellers has demonstrated strong financial performance with consistent revenue and profit growth. Investors may consider applying for this IPO with a long-term perspective, while also evaluating the risks associated with the jewelry sector and reliance on key clients. It’s advisable to consult with a financial advisor before making any investment decisions.
