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A customer looks at gold chains at a jewellery store in Mumbai, India, March 20, 2025. | Photo Credit: FRANCIS MASCARENHAS
Pushpa Jewellers, one of the largest B2B jewellery makers, plans to raise ₹99 crore through an initial public offering which opens on Monday. The shares of the company will be listed on the NSE Emerge platform.
The company will issue 67.11 lakh equity shares at ₹143 - ₹147 a share.
The company will issue fresh equity shares of 53.70 lakh besides the promoters will dilute 13.41 lakh shares through offer for sale.
The net proceeds from the IPO will be used to finance the opening six new showrooms including the capital expenditure cost and inventory cost for the showroom, funding working capital requirements and general corporate purpose.
The Book Running Lead Manager to the issue is Affinity Global Capital Market and the registrar to the issue will be Cameo Corporate Services.
Anupam Tibrewal, Managing Director, Pushpa Jewellers, said the company is focused on making light-weight, hand-made exquisite jewellery that provides affordable luxury to deserving consumers.
Contrary to general belief, he said the company has reduced handmade jewellery making to 10 days from conventional 23 days and will further cut it to 2.5 days with concerted efforts.
The company hedges its entire gold exposure and expects prices to touch ₹1.25 lakh per 10 grams in coming days due to global uncertainty and steady demand, he said.
The expansion is part of broader plan to scale operations, explore untapped markets both domestic and overseas, and further solidify our position in the jewellery industry, he said.
Sanjay Bhalotia, founder and Chairman, Affinity Global Capital Market, said, “The Indian jewellery industry continues to show resilient growth, driven by evolving consumer preferences, rising disposable income, and increasing demand for branded, high-quality designs.”
The proposed IPO will support its retail expansion and operational scale-up, positioning it well to capture emerging opportunities, he added.
In FY25, the company achieved a revenue of ₹281 crore ( ₹255 crore) and net profit of ₹22 crore (₹14 crore).
Operating EBITDA was up at ₹32 crore (₹20 crore).
Published on June 24, 2025
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