Nityas Gems and Jewellery Limited IPO
Listed 08 Oct 2026, 2.25× subscribed, ₹108.42 Cr issue, on the main board.
What the filing says
Arithmetic on the offer document and exchange data.
The disclosed numbers are strong — 6 of 9 signals read positive
- Positive: Priced below its peers13.6× earnings against a peer median of 18.6× — a discount to the issuer's own comparison set
- Positive: Out-earns its peersReturn on net worth of 43.8% against a peer median of 18.4%
- Positive: Strong revenue growthRevenue compounding at 94.5% across the reported years
- Positive: High return on equityROE of 28.1%
- Positive: Conservative balance sheetDebt/equity of 0.12×
- Positive: Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Negative: No anchor bookNo anchor investors took a pre-placement, so no institution committed to a lock-in before bidding opened
- Neutral: Some related-party dealingsRelated-party transactions are 14.6% of revenue
- Neutral: Institutional book coveredQIB portion subscribed 1.06×
Describes the offering as disclosed; not a listing-price forecast or advice to apply.
Dates
Issuer's timetable, IST.
- 30 SeptBidding opens
- 5 OctBidding closesRetail UPI mandates by 5 pm IST
- 6 OctAllotmentStatus from Bigshare Services Private Limited
- 8 OctListing
- 30 SeptBidding opens
- 5 OctBidding closesRetail UPI mandates by 5 pm IST
- 6 OctAllotmentStatus from Bigshare Services Private Limited
- 8 OctListing
Demand and allotment odds
Times subscribed by investor category, one shared scale
- InstitutionsQIB1.06×
- Non-institutionalNII2.05×
- Above ₹10 lakhbNII1.56×
- ₹2–10 lakhsNII3.02×
- RetailRII4.04×
- Employees2.82×
Max 4.0×; tick = 1× (fully subscribed). 87,398 applications.
How this is worked out
Retail is 4.04× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 4 applications gets one. Bidding for extra lots does not improve these odds.
How this is worked out
HNI is 2.05× subscribed. This category is allotted proportionately, so a bid receives roughly 1/2.1 of the shares applied for, subject to the minimum-lot draw.
From SEBI allotment rules. Retail is a lottery on the minimum (one lot); more lots do not raise the odds.
Grey-market premium
Unofficial dealer quotes; not from NSE, BSE or SEBI.
over the upper band, flat since 29 Sept 2026
Unchanged across 25 daily quotes
Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.
The offering
Terms, and valuation at the upper band.
Terms
- Price band
- ₹70 – ₹75
- Final issue price
- ₹75
- Face value
- ₹5.00
- Lot size
- 200 shares
- Minimum application
- ₹15,000one lot at the upper band
- Total issue size
- ₹108.42 Cr
- Fresh issue
- ₹108.35 Cr
- Anchor investors
- None
- Registrar
- Bigshare Services Private Limited
- Lead managers
- Choice Capital Advisors Private Limited
- ISIN
- INE211501023
Company and valuation
- P/E at upper band
- 13.6×₹75 ÷ EPS ₹5.52
- EPS, peer table
- ₹5.52basis of the P/E above
- EPS, issue terms
- ₹4.52a second figure in the document: another period or basis
- NAV per share
- ₹15.13
- Return on equity
- 28.09%
- Debt to equity
- 0.12×
- EBITDA margin
- 15.27%
- Related-party revenue
- 14.55%
- ROCE, latest period
- 42.93%
- RoNW, latest period
- 43.75%
- PAT Margin, latest period
- 11.00%
- EBITDA Margin, latest period
- 15.27%
- P/B (x), latest period
- 4.96
“Latest period” rows can be a part year, so ratios there may read low.
Where the money goes
Who gets what
Split by investor category, and minimum bids.
- QIB49.7%
- NII (HNI)14.9%
- Retail34.8%
- Employee0.7%
| Category | Shares | Share of issue |
|---|---|---|
| QIB | 71,78,000 | 49.65% |
| QIB (Ex. Anchor) | 71,78,000 | 49.65% |
| NII (HNI) | 21,53,400 | 14.90% |
| bNII > ₹10L | 14,35,600 | 9.93% |
| sNII < ₹10L | 7,17,800 | 4.97% |
| Retail | 50,24,600 | 34.76% |
| Employee | 1,00,000 | 0.69% |
Total issue 1,44,56,000 shares. Indented rows sit inside the row above.
What each category may bid
- Retail (Min)
- ₹15,0001 lot, 200 shares
- Retail (Max)
- ₹1,95,00013 lots, 2,600 shares
- S-HNI (Min)
- ₹2,10,00014 lots, 2,800 shares
- S-HNI (Max)
- ₹9,90,00066 lots, 13,200 shares
- B-HNI (Min)
- ₹10,05,00067 lots, 13,400 shares
Small-HNI minimum is several lots, not one.
What the money is for
Stated use of net proceeds, ₹ Cr.
- Working capitalFunding Working Capital requirements of our Company₹70.00 Cr
- General purposesGeneral corporate purposes₹21.47 Cr
Financials
Restated, ₹ crore.
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 53.655 | — | 4.024 | 5.329 | — |
| 2025 | 96.845 | — | 9.788 | 22.572 | — |
| 2026 | 202.894 | — | 22.315 | 79.43 | — |
— = not printed.
How the issuer compares
Peers named by the issuer itself.
| Company | EPS (₹) | P/E | NAV (₹) | RoNW |
|---|---|---|---|---|
| Nityas Gems and Jewellery Limitedthis issue | 5.52 | 13.6× | 15.13 | 43.75% |
| Golkunda Diamonds & Jewellery Limited | 19.66 | 16.6× | 115.22 | 18.81% |
| Goldiam International Limited | 15.43 | 21.7× | 97.95 | 18.38% |
| Renaissance Global Limited | 8.40 | 18.6× | 140.62 | 6.09% |
Issuer figures as printed in the offer document, before listing.
Risks worth reading
Ranked by severity.
mediumOur revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed 55.49%, 76.68% and 84.24% of our revenue from operations, respectively.
mediumAny reduction in business from such customers or inability to diversify our customer base may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
mediumOur dependence on a limited number of customers exposes us to the risk that any adverse change in the business, financial condition, procurement strategies, inventory planning, credit policies or operational requirements of such customers could have a disproportionate and material impact on our…
Except as stated in this section, there are no outstanding: (a) criminal proceedings; (b) actions by statutory or regulatory authorities; (c) claims relating to direct and indirect taxes (in a consolidated manner); and (d) Material Litigation (as defined below); involving our Company, our Directors and our Promoters.
Positives the filing discloses (4)
- Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
- Low leverage
Debt-to-equity of 0.12x.
- Strong revenue growth
Restated revenue CAGR of 94.5%.
- Healthy return on equity
ROE of 28.1%.
What happened to comparable issues
Last 8 listings, most comparable first. Context, not a forecast.
| Issue | Subscribed | Listing gain | Listing gain bar |
|---|---|---|---|
| Bombay Coated and Special Steels Limited | 60.8× | up +11.0% | |
| M. K. Sons Fine Jewels Limited | 5.1× | up +5.6% | |
| SFC Environmental Technologies Limited | 9.5× | up +7.6% | |
| BLS Polymers Limited | 241× | up +65.3% | |
| EAAA India Alternatives Limited | 5.3× | up +0.6% | |
| Jio Platforms Limited | 21.6× | up +21.4% | |
| Paras Healthcare Limited | 2.2× | up +3.9% | |
| Zetwerk Manufacturing Businesses Limited | 3.1× | up +5.5% |
Different companies at different prices. Bars share one scale (full = 65%).
About Nityas Gems and Jewellery Limited
Nityas Gems and Jewellery Limited is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery in India. More
The company operates through B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, and D2C omnichannel retail through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles across daily wear, occasion-based, men’s and customised segments. The company commenced B2B operations in July 2022 and supplies jewellery to customers in India and overseas markets. Its manufacturing facility is located in Surat, Gujarat, and includes in-house designing, prototyping and production. Ayaani operates an online storefront and nine physical retail stores in India.
Offer documents
Primary sources.
- PROSPECTUS07 Oct 2026AnalysisPDF (opens SEBI site in a new tab)
- DRHP30 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
- RHP25 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
- DRHP08 Apr 2026AnalysisPDF (opens SEBI site in a new tab)
Common questions
What is the Nityas Gems and Jewellery Limited IPO GMP today?
The most recent grey-market premium recorded for Nityas Gems and Jewellery Limited is ₹9 per share — about 12.0% over the ₹75 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Nityas Gems and Jewellery Limited IPO subscribed?
Nityas Gems and Jewellery Limited is subscribed 2.25× overall (QIB 1.06×, NII 2.05×, retail 4.04×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Bigshare Services Private Limited.
What is the minimum investment in the Nityas Gems and Jewellery Limited IPO?
One lot is 200 shares, so a retail application at the ₹75 cut-off price blocks ₹15,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Nityas Gems and Jewellery Limited IPO?
The retail portion is subscribed 4.04×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 4. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Nityas Gems and Jewellery Limited IPO allotment date?
Allotment is scheduled for 2026-10-06, with listing on 2026-10-08. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Bigshare Services Private Limited.
Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.