Ahead of the listing, Priority Jewels shares were commanding a grey market premium (GMP) of ₹28. At the upper end of the IPO price band of ₹200, this indicated an estimated listing price of around ₹228 per share and a potential listing gain of 14%.
The ₹91.5-crore initial public offering (IPO) of Priority Jewels received a strong response from investors during the bidding period.
The IPO was subscribed 100.45 times by the close of bidding on September 1. Investors placed bids for 32,16,86,025 equity shares against 32,02,500 shares on offer.
The non-institutional investors (NIIs) category led the demand, with its portion subscribed 166.49 times, followed by retail individual investors (RIIs) at 106.76 times. The qualified institutional buyers (QIBs) portion was subscribed 39.87 times.
The IPO opened for subscription on August 28 and closed on September 1, with the price band fixed at ₹190-200 per equity share.
The public issue comprised entirely a fresh issue of around 45.75 lakh equity shares. At the upper end of the price band, the issue size stood at ₹91.5 crore.
Priority Jewels plans to use ₹75 crore from the net IPO proceeds towards the repayment or prepayment of certain working capital borrowings. The remaining funds will be used for general corporate purposes.
Ahead of the IPO, Priority Jewels raised ₹27.45 crore from anchor investors through the allotment of 13.72 lakh shares at ₹200 apiece.
The anchor book included WhiteOak Capital Equity Fund, Sanshi Funds, Plutus Investment Trust and Khandelwal Finance. WhiteOak Capital Equity Fund and Sanshi Funds invested around ₹8.65 crore each, while Plutus Investment Trust and Khandelwal Finance invested approximately ₹5.07 crore each.
The company had also raised ₹15.6 crore through a pre-IPO placement involving 8.25 lakh shares.
Priority Jewels reported total income of ₹539.03 crore in FY26, up around 24% from ₹435.87 crore in FY25. Profit after tax rose 68% year-on-year to ₹17.65 crore from ₹10.51 crore.
Mumbai-based Priority Jewels manufactures lightweight, diamond-studded gold and platinum jewellery. It supplies its products to independent jewellers as well as organised jewellery chains.
As of June 2026, the company had more than 200 customers, including CaratLane Trading, Kalyan Jewellers India, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri and Senco Gold.
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