Pushpa Jewellers SME IPO
ListedNSE SMEOpens 30 June 2025Closes 2 July 2025
Pushpa Jewellers Limited, established in June 2009, is a prominent jewellery manufacturer in India, specializing in lightweight 22kt gold jewellery that blends traditional Indian craftsmanship with evolving modern…
Pushpa Jewellers Limited, established in June 2009, is a prominent jewellery manufacturer in India, specializing in lightweight 22kt gold jewellery that blends traditional Indian craftsmanship with evolving modern designs. Their diverse product portfolio includes necklaces, rings, earrings, bangles, bracelets, pendants, Mangal sutras, and kadas, often adorned with fine stones like Emerald, Jade, Pearl, and Meena. The company operates on a wholesale B2B model, selling products in bulk to retailers, wholesalers, and corporate clients across India and internationally, with exports to Dubai, the United States, and Australia.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
30 Jun 2025
IPO Closes
2 Jul 2025
Allotment
3 Jul 2025
Listing
7 Jul 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 30 June 2025 |
| IPO Close Date | 2 July 2025 |
| Allotment Date | 3 July 2025 |
| Listing Date | 7 July 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,94,000 |
SHNI (Min) | 3 | ₹4,41,000 |
SHNI (Max) | 6 | ₹8,82,000 |
BHNIAbove ₹10,00,000 | 7 | ₹10,29,000 |
IPO Objectives
- To meet working capital Expenses.
- To Finance Establishment of proposed new showroom.
- Cost of Capital expenditure for the proposed new showroom.
- Cost of Inventory for the proposed new showroom.
- General Corporate Purposes.
- To meet the offer related expenses.
Strengths
- Distinctive Brand Identity and Innovative Design: Specialization in lightweight 22kt gold jewellery with intricate detailing using fine stones like Emerald, Jade, Pearl, and Meena, combining traditional craftsmanship with modern aesthetics. This unique value proposition drives faster sell-through rates for retailers.
- Experienced Promoters and Senior Management Team: Over 15 years of experience in the jewellery sector, ensuring strong leadership, market understanding, and operational expertise.
- Quality Assurance with BIS Hallmark: All products are BIS-hallmarked, providing assurance of purity and quality to customers and enhancing brand trust.
- Efficient Inventory Management: Utilizes a colour-coded inventory system and integrated management systems to effectively manage stock, optimize inventory turnover, and avoid shortages, while also leveraging stone-weightless designs to reduce gold weight and free up working capital for B2B partners.
- Diversified Product Portfolio: Offers a wide range of products including necklaces, rings, earrings, bangles, bracelets, pendants, Mangal sutras, and kadas, catering to diverse customer preferences and occasions (bridal, daily wear).
Weaknesses
- High Dependency on Gold Prices: The core business is highly sensitive to fluctuations in gold prices, which are influenced by international market dynamics, currency changes, and import duties. Adverse movements can directly impact profitability and inventory valuation.
- Limited Retail Presence: Despite plans for expansion, the company primarily operates on a wholesale B2B model with a limited number of office-cum-showrooms. Expanding direct retail presence and diversifying the customer base may face challenges and require significant investment.
- Reliance on Outsourced Karigars: A significant portion of manufacturing relies on external artisans (Karigars) who operate independently. This could introduce risks related to production consistency, quality control, labor availability, and timely delivery if these artisans face operational challenges or are not exclusively bound to the company.
- Working Capital Intensive Business: The jewellery business requires substantial working capital for inventory management (gold and stones) and daily operations. A large portion of the IPO proceeds (61.30%) is earmarked for working capital, indicating this ongoing need.
- Revenue Concentration in Southern States: While they have a pan-India presence, the primary market strength is concentrated in South India (Hyderabad, Bangalore, Chennai), exposing the business to regional market conditions, economic shifts, or local competition.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 91.1 | 51.46 | 43.39 |
| Revenue (₹ Cr.) | 281.27 | 255.49 | 165.84 |
| PAT (₹ Cr.) | 22.29 | 13.58 | 8.14 |
| Net Worth (₹ Cr.) | 58.14 | 36.08 | 22.5 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.76x | 0.89x | 1.18x |
| NII | 0.02x | 1.23x | 2.51x |
| RII | 0.11x | 1.6x | 3.67x |
| Total | 0.36x | 1.24x | 2.44x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 22,31,000 | 26,43,000 | 38.85 |
| NII | 9,57,000 | 24,03,000 | 35.32 |
| RII | 22,31,000 | 81,91,000 | 120.41 |
| Total | 54,19,000 | 1,32,37,000 | 194.58 |
Company Details
- Pushpa Jewellers Limited
- Unit 4A, Tirumala 22, Premises No. 22, East Topsia Road, Kolkata, West Bengal-700046, India
- 033 4006 3154
- cs@pushpajewellers.in
- http://www.pushpajeweller.com/
Registrar Details
- Cameo Corporate Services Limited
- +91-44-28460390
- investor@cameoindia.com
- https://ipo.cameoindia.com/
Frequently Asked Questions
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Sources
We match Pushpa Jewellers SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Cameo Corporate Services LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.