Emerald jewel said planning IPO for Up to $300 Million

Emerald Jewel Industry India Ltd., one of the country’s largest jewelry manufacturers, is weighing an initial public offering that could raise as much as $300 million, according to people familiar with the matter, potentially paving the way for India’s biggest listings in the sector. The Coimbatore-based company has appointed Axis Bank Ltd., Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. as advisers for the proposed share sale, the people said, asking not to be identified because the discussions are private. Additional advisers may be added at a later stage, they said. The offering is expected to include a mix of primary shares and a secondary sale by existing investors, with the transaction likely to take place later this year, some of the people said. Key details, including the timing, structure and size of the deal, may still change, they added. Representatives for Emerald Jewel and the banks didn’t respond to requests for comment. The European Union gave duty-free access to gems and jewelry exporters from India as part of a broad trade deal signed last month, making the industry a potential winner. India’s largest jewelry IPO to date remains the listing of Bluestone Jewellery And Lifestyle Ltd. last year, which raised 15.41 billion rupees ($170 million), according to data compiled by Bloomberg. Kalyan Jewellers India Ltd. raised 11.75 billion rupees in its 2020 offering. Representatives for Emerald Jewel Industry and the banks declined to comment. Share sales in India surged to a record last year, and the pipeline remains strong, with several large deals expected in 2026. These include a potential listing by Jio Platforms Ltd., which could rank as the country’s biggest-ever IPO. Founded in 1984 by K. Srinivasan, Emerald operates retail jewelry stores under the JewelOne brand across southern India. The company has more than 5,000 employees, runs 13 retail outlets across multiple states, works with 82 distributors nationwide, and operates design centers in Coimbatore, Mumbai, Delhi and Dubai, according to its website. Published on February 3, 2026