Advit Jewels IPO price band set at ₹130 to ₹138 per share; check lot size and key dates

Jaipur-based Advit Jewels has announced a price band of ₹130 to ₹138 per share of its initial public offering. The issue will be open from June 23 to June 25. The bidding for anchor investors will occur on June 22.

The ₹165.16 crore initial share sale is entirely a fresh issuance of 1.19 crore shares, with no offer for sale (OFS) component.

Fresh issue proceeds to the tune of ₹65 crore will be utilised to fund its incremental working capital needs, ₹65 crore for debt repayment and the balance for corporate general purposes, according to the red herring prospectus (RHP).

Advit Jewels IPO: Lot size

A lot consists of 100 shares and multiples thereof. The company has reserved 50% of the net issue for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).

Holani Consultants Private Limited is the sole book-running lead manager for the IPO, and Bigshare Services serves as the registrar.

The company's shares will debut on the BSE and the National Stock Exchange (NSE).

Advit Jewels IPO: Allotment and listing date

Advit Jewels, incorporated in 2019, is a manufacturer and seller of traditional and contemporary handcrafted fine jewellery. The company specialises in Polki, Kundan, diamond and studded pieces under the brand name "Rambhajo".

Its offerings include rings, necklaces, earrings, bangles and customised jewellery pieces. It majorly operates on a business-to-business (B2B) model, serving dealers, showrooms and jewellery retailers.

"Our jewellery is a 100% handmade jewellery. Our artisans are also trained since generations to create jewellery that we manufacture," the RHP said.