Pushpa Jewellers IPO: GMP, Overview, And Price

Pushpa Jewellers IPO- Complete Overview

Pushpa Jewellers IPO under the SME IPO category is a book build issue of Rs. 98.65 Cr by Pushpa Jewellers Limited. The company was founded in June 2009 as a manufacturer of lightweight 22kt designs intravenously assimilating Indian antique art with modern design practices.

The company offers Traditional and Modern Gold jewellery. Additionally, high-quality bangles, necklaces, rings, earrings, bracelets, pendants, mangal sutras, kadas, and even more are available under different categories.

Besides operating in several parts of India, it has also succeeded in exporting its products to Dubai and Australia, along with the United States.

Besides manufacturing facilities provided by the company, these cities also house three branches functioning as offices and showrooms of the company. These cities also house three branches functioning as showrooms and offices, which, along with manufacturing facilities provided by the company, constitute its gold jewellery stores in Hyderabad, Bangalore, and Chennai.

 

Pushpa Jewellers IPO Overview

The Pushpa Jewellers IPO date is on 30 June 2025, and its initial public offering will end on 02 July 2025. 

The Rs. 98.65 crore new SME IPO comprises a combination of a fresh issue of 53.70 lac Shares (Rs. 78.94 Cr) and an offer for sale (OFS) of 13.41 lac Shares (Rs. 19.71 Cr). The Pushpa Jewellers IPO price is Rs. 143 to Rs. 147 for each Share. 

The Pushpa Jewellers IPO listing date (expected) might be on Monday, Jul 07, 2025, and listing at the NSE and SME.

Click to open demat account and apply for the IPO.

 

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	91.10	51.46	43.39
Total Revenue	281.27	255.49	165.84
PAT	22.29	13.58	8.14
Net Worth	58.14	36.08	22.50
Reserves & Surplus	39.28	35.84	22.27
Borrowings	21.93	8.26	14.79

 

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	14.61	878.55	13.51
Net Cash Flow Investing Activities	(1,008.07)	42.70	(1,062.37)
Net Cash Flow Financing Activities	1,178.10	(723.24)	1,035.86

 

Revenue Bifurcation

Product-wise Revenue Breakdown

(Amount in lac)

Client-wise Revenue Breakdown

(Amount in lac)

State-wise Revenue Breakdown

(Amount in lac)

 

Sales-wise Revenue Breakdown

(Amount in lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• To cover working capital costs.

• To finance the anticipated new showroom's establishment.

• Capital investment cost for the new showroom that is being proposed.

• Inventory costs for the planned new showroom.

• Working capital requirements.

• General corporate purposes.

 

Click to check the IPO application status.

 

Peers of Pushpa Jewellers Ltd. 

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Sky Gold Ltd.	10	56.13	5.52
Khazanchi Jewellers Ltd.	10	18.15	30.98

 

Evaluation

The Pushpa Jewellers Limited IPO price is Rs. 143 to Rs. 147 for each Share.

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 11.82 from the last year, the resulting P/E ratio is 12.44x.

Considering the weighted EPS of Rs. 9.03 for the last three years, the P/E ratio is 16.27x.

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Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 109.53x.

Particulars	P/E Ratio (x)
Highest	174.08
Lowest	44.98
Average	109.53

In simple words, the P/E ratio of this IPO is 12.44x, compared with the industry’s average P/E of 109.53x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths

• Innovative designs and a unique brand identity.

• Insight into the promoters and the senior management team.

• Optimal management of inventory systems.

• Assurance of quality standards.

• Systems for surveillance, safety, and security.

 

 

IPO’s Weaknesses

• Exposed to changes in the cost of raw materials.

• Unable to grow because of the handmade.

• Reliance on economic downturns.
  
  

Pushpa Jewellers IPO GMP

Pushpa Jewellers IPO GMP is Rs. 0 as of 28 Jun 2025 at the time of writing this information. Hence, its estimated listing price might be Rs. 143 to Rs. 147.

IPO Timetable (Tentative)

The Pushpa IPO date of opening is from Jun 30 to Jul 02, 2025, allotment on Jul 03, refund initiation on Jul 04, and listing on Jul 07, 2025.

Events	Date
IPO Opening Date	Jun 30, 2025
IPO Closing Date	Jul 02, 2025
IPO Allotment Date	Jul 03, 2025
Refund Initiation	Jul 04, 2025
IPO Listing Date	Jul 07, 2025

 

Pushpa Jewellers IPO Details 

The IPO with a Face Value of Rs. 10 per share offers a total issue size of 67,11,000 Shares (Rs. 98.65 Cr) with a market maker portion of 3,36,000 Shares (Rs. 4.94 Cr).

IPO Opening & Closing Date	30 Jun, 2025 to 02 Jul, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 143 to Rs. 147 per Share.
Lot Size	1000 Shares
Issue Size	67,11,000 Shares (Rs. 98.65 Cr)
Offer for Sale	13,41,000 Shares (Rs. 19.71 Cr)
Fresh Issue	50,34,000 Shares (Rs. 74 Cr)
Listing at	NSE, SME
Issue Type	Book Built Issue
Registrar	Cameo Corporate Services Limited

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 1 Lot (1000 Shares) for Rs. 1,47,000 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (2000 Shares) for Rs. 2,94,000.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
HNI (Min)	2 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	47.49%
Retail’s Portion	33.24%
Non-Institutional Portion	14.26%

 

Promoters And Management of Pushpa Jewellers Ltd

• Mr. Mridul Tibrewal

• Mr. Anupam Tibrewal

• Mr. Madhur Tibrewal.

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Affinity Global Capital Market Private Limited.

 

 

Dividend Policy

The company has not paid a dividend in the last three financial years.

 

Conclusion

Pushpa Jewellers IPO is set to debut in the market with an estimated Rs. 98.65 crore, which will showcase a mixture of traditional and modern jewellery pieces. They have experienced executives managing the company, strong financial metrics, and fair pricing compared to other industry players, which makes this IPO an option for investors looking to take part in India's growing jewellery sector. Besides, it has changes in cost changes and other risks.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.