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28 Jun, 2025
Pushpa Jewellers Limited IPO
Pushpa Jewellers Limited is offering its SME IPO on the NSE Emerge platform between June 30, 2025 and July 2, 2025. The size of the IPO is around ₹98.65 crores and the price band has been set at ₹143-147 per equity share of face value of 10 rupees. Investors will be able to invest in multiples of 1,000 shares and the minimum investment would be approximately ₹1.47 lakh at the higher price band. The problem is a new issue of 53.7 lakh shares and an Offer for Sale (OFS) of 13.41 lakh shares by promoters.
Company Background
The company was incorporated in 2009 as Pushpa Jewellers Private Limited and became a public limited company in July 2024. Based in Kolkata, Pushpa Jewellers Limited is a B2B gold jewellery manufacturing company that is present in India and some international countries. Its promoters include Mr. Anupam Tibrewal (Managing Director) and Mr. Mridul Tibrewal.
Operations & Product Range
Facility & Production
Pushpa Jewellers has office-cum-showrooms in Hyderabad, Bangalore and Chennai which will be extended to Vijayawada. The company integrates internal design with outsourced manufacturing done by 33 experienced Karigars located in Kolkata. This mixed system guarantees craftsmanship and effective manufacturing. The company maintains stock and cost management through the use of an integrated management system (IMS).
Brands & Market Presence
The company deals in a variety of both traditional and modern gold jewellery, such as necklaces, rings, bangles, earrings, bracelets, pendants, mangal sutras and kadas. It is made of high-quality stones like emeralds, pearls, jade and meena. Pushpa Jewellers has a wide range of customer demands, such as bridal jewellery and daily wear and exports to Dubai, the USA and Australia. The company is BIS certified and its products have the BIS hallmark.
Revenue Channels
Pushpa Jewellers is mainly a wholesale B2B company that sells jewellery in large quantities to retailers and other companies. The company has recorded steady growth in its revenue, with revenue generated during operations rising by ₹92.94 crore or 56.00 percent, to ₹255.34 crore in FY24 and profit after tax increasing by ₹5.44 crore or 66.67 percent, to ₹13.58 crore in the same period. The company also enjoys export earnings in the international market.
Management & Shareholding
Promoters & Shareholding
Its promoters are Mr. Anupam Tibrewal and Mr. Mridul Tibrewal. Promoters are offering 13.41 lakh shares in the IPO via OFS. Mridul Tibrewal and Anupam Tibrewal have a weighted average cost of acquisition of ₹1.24 and ₹2.06 respectively, on shares sold. The new issue will seek to raise ₹74 crores.
Board Members
Managing Director Mr. Anupam Tibrewal is the head of the board of Pushpa Jewellers Limited and is assisted by other professionals with experience in finance, operations and compliance. The firm focuses on good governance using a combination of executive and independent directors to facilitate strategic growth.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Pushpa Jewellers Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Pushpa Jewellers Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | June 30, 2025 to July 2, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹143 to ₹147 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 67,11,000 shares (aggregating up to ₹98.65 Cr) |
| Reserved for Market Maker | 3,36,000 shares (aggregating up to ₹4.94 Cr) |
| Fresh Issue (Ex Market Maker) | 50,34,000 shares (aggregating up to ₹74.00 Cr) |
| Offer for Sale (Ex Market Maker) | 13,41,000 shares of ₹10 (aggregating up to ₹19.71 Cr) |
| Net Offered to Public | 63,75,000 shares (aggregating up to ₹93.71 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,88,52,912 shares |
| Share Holding Post Issue | 2,42,22,912 shares |
Pushpa Jewellers Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Jun 30, 2025 |
| IPO Close Date | Wed, Jul 2, 2025 |
| Tentative Allotment | Thu, Jul 3, 2025 |
| Initiation of Refunds | Fri, Jul 4, 2025 |
| Credit of Shares to Demat | Fri, Jul 4, 2025 |
| Tentative Listing Date | Mon, Jul 7, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 2, 2025 |
Pushpa Jewellers Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1000 | ₹1,47,000 |
| Retail (Max) | 1 | 1000 | ₹1,47,000 |
| HNI (Min) | 2 | 2,000 | ₹2,94,000 |
Pushpa Jewellers Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | - |
Competitive Strength:
- ● More than 15 years of experience and a well-established B2B brand image.
- ● BIS certification guarantees the quality of the products.
- ● Internal design department and efficient production.
- ● Application of AI-driven lead management and CRM tools to increase sales productivity.
- ● Broad product mix to serve different customer segments.
- ● Market presence in the local and global markets.
Pushpa Jewellers Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 91.1 | 281.27 | 22.29 | 58.14 | 21.93 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 51.46 | 255.49 | 14 | 36.08 | 8.26 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 43.39 | 165.84 | 8.14 | 22.5 | 14.79 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 47.31% |
| ROCE | 27.84% |
| Debt/Equity | 0.38 |
| RoNW | 38.34% |
| PAT Margin | 7.93% |
| EBITDA Margin | 11.30% |
| Price to Book Value | 7.68 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 11.82 | 9.2 |
| P/E (x) | 12.1 | 15.98 |
IPO Objectives
The net IPO proceeds of the fresh issue are intended to be utilized as:
- Fulfilling working capital needs (approx. ₹45.39 crores).
- Establishment of a new showroom, capital expenditure and inventory purchase (approx. ₹5.36 crore).
- General corporate purposes.
Conclusion
The IPO of Pushpa Jewellers Limited gives investors a chance to invest in a growing B2B gold jewellery wholesaler with a solid domestic and global footprint. Its emphasis on quality, design innovation and efficient production, coupled with expansion plans, makes the company well placed to grow in the future. The proceeds from the IPO will be used for working capital, showroom expansion and corporate growth of the company.
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Frequently asked Questions (FAQs )
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1. What is the minimum investment required?
It has a minimum application of 1,000 shares, which will cost around ₹1.47 lakh at the higher price band.
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2. What is the IPO Offer size?
The number of shares is 67.11 lakh, consisting of 53.7 lakh fresh shares and 13.41 lakh shares offered by promoters.
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3. What are the main objectives of the IPO proceeds?
IPO Proceeds will be used for working capital, new showroom setup, general corporate purposes and IPO-related expenses.
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4. Who are the promoters of Pushpa Jewellers?
The promoters are Mr. Anupam Tibrewal (Managing Director) and Mr. Mridul Tibrewal.
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5. Where will the shares be listed?
The shares will be listed on the NSE SME platform with a tentative listing date of July 7, 2025.
