🌅 1. What Is Pushpa Jewellers IPO All About?
Pushpa Jewellers, founded in 2009, operates as a B2B lightweight 22‑karat gold jewellery manufacturer, boasting design-forward collections that range from traditional to contemporary. With manufacturing backed by showrooms in Hyderabad, Bangalore, and Chennai—and exports to Dubai, the US, and Australia—the company has reported robust FY25 financials: ₹281.27 cr in revenue, ₹22.29 cr net profit, and an impressive 47.3% ROE .
💰 2. IPO Snapshot & Issue Structure–Pushpa Jewellers
- Issue Size: ₹98.65 cr (67.11 lakh shares)
- Fresh Issue: 50.34 lakh shares (~₹74 cr)
- Offer for Sale (OFS): 13.41 lakh shares (~₹19.7 cr)
- Price Band: ₹143 – ₹147 per share
- Lot Size: 1,000 shares (~₹1.47 lakh per retail lot)
- Anchor Placement: ₹14.05 cr raised—9.56 lakh shares allotted to anchors
📅 3. Key Dates You Can’t Miss– Pushpa Jewellers
| Event | Date |
| IPO opens | June 30, 2025 |
| IPO closes | July 2, 2025 |
| Allotment finalization | July 3, 2025 |
| Refunds & Demat credit | July 4, 2025 |
| Shares list on NSE‑SME | July 7, 2025 |
| Anchor lock-in (50%) ends | August 2, 2025 |
| Remaining anchor lock-in ends | October 1, 2025 Â Â Â |
4. Latest GMP: Flat, but Why It Matters-Pushpa Jewellers
As of June 30, 2025, Pushpa Jewellers’ grey‑market premium (GMP) stands at ₹0—indicating a flat listing expectation, with no feverish hype or discount in pre-market trading . This equilibrium in demand could translate to a calm first-day performance—neither booming nor busting.
📊 5. Subscription Trends – Who’s Backing It?
Here’s how demand has shaped up so far:
Day 1 (June 30):
- QIB: 0.76×
- Retail: 0.10×
- NII (HNI): 1.34×
- Overall: 0.34×
Day 2 (July 1):
- QIB: 0.89×
- Retail: 1.58×
- NII: 2.70×
- Overall: 1.22×
Final Blend (as of July 2, ~12:40 PM):
- QIB: 0.89×
- NII: 1.71×
- Retail: 2.34×
- Total: 1.63×
📌 Inference:
An oversubscription of 1.6× suggests solid interest—especially from non-institutional/retail investors—which often fuels a modest post-listing boost. But with QIBs still below par, institutional confidence remains cautious.
👷♂️ 6. What This Means for Investors
- Flat GMP + moderate oversubscription = Potential listing around the ₹147 mark. Upside likely limited given lack of grey‑market premium.
- Retail/NII-led demand can sustain stock post-listing but also brings volatility.
- QIB under-subscription leaves room for stabilization rather than breakout.
✨ 7. Why Anyone Should Tune In
- Undervalued P/E basis: At ~12.4× forward P/E, Pushpa trades well below industry (~109×), hinting at potential valuation rerating .
- Strong profitability: Margins and ROE shine—with PAT growing 64% YoY to ₹22.29 cr in FY25 .
- Growth play: Fresh capital will fund working capital and a new showroom—scalable initiatives that could boost topline .
📝 8. Reader Takeaways
- For short-term gains ➡️
- If listing begins flat (~₹143–147) and market sentiment turns positive, small bumps (3–5%) are possible.
- But a flat GMP suggests lower listing odds beyond price band.
- For long-term holds ➡️
- The business looks solid: consistent margins, B2B stability, plus expansion pathways.
- Risk lies in gold price volatility, raw material inflation, and SME-scale limitations.
🔮 9. What to Track Next?
- Final subscription data post-July 2—especially any late surge in QIBs.
- Grey‑market updates on July 1–2 (though current data keeps GMP flat at ₹0).
- Allotment revelation on July 3—check your app for allotment and plan sell/hold accordingly.
🏁 10. Final Word
Pushpa Jewellers’ IPO isn’t a blockbuster, but it’s far from a dud. Oversubscription by 1.6× and firm financials hint at modest listing gains, while a flat GMP signals cautious optimism. For value seekers, long-haul investors, or retail traders, it merits attention—but temper expectations. Now is the perfect time to button up applications by July 2, track allotment on July 3–4, and watch the calm listing unfold on July 7.
🔗 Ready to apply or hold?
📌 🔹Apply now if you’re positioning for a controlled market entry around ₹145–147.
📌 🔹Hold off if you’re waiting for institutional momentum or grey‑market upside.
Based on the current IPO data and market sentiment, here’s a realistic prediction for the listing price of Pushpa Jewellers IPO on July 7, 2025:
🔍 Key Listing Indicators:
| Factor | Details | Impact on Listing |
| Issue Price | ₹143 – ₹147 | Base Range |
| GMP (as of July 2) | ₹0 | âš ï¸ Neutral |
| Subscription (Day 3 est.) | ~1.6× overall (retail-led, QIB < 1×) | ✅ Mild Positive |
| Anchor Book | ₹14.05 cr (solid response from institutions) | ✅ Mild Positive |
| Market Sentiment | NSE/BSE stable; no gold sector-specific rally | âš ï¸ Flat |
| SME Nature | High volatility, limited liquidity | âš ï¸ Risky but tradable |
📈 Predicted Listing Levels: Pushpa Jewellers
| Scenario | Estimated Listing Price | Notes |
| ⚪ Flat Base | ₹145 – ₹147 | Most probable; GMP ₹0 reflects balanced demand |
| 🟢 Mild Upside | ₹150 – ₹155 | Only if there’s last-minute buying or bullish debut |
| 🔴 Weak Opening | ₹140 – ₹143 | Possible if QIB stays low & markets dip slightly |
📝 Final Prediction:
🎯 Expected Listing Price Range: ₹145 – ₹149
Modest gains or a flat start, with the listing likely close to the upper price band of ₹147. A 3% premium (~₹151) is possible if retail demand continues to rise on July 2.
💡 Tip for Retail Investors:
- Plan to exit between ₹150–₹155 if you’re only in for listing gains.
- Hold if you believe in long-term gold jewellery retail/B2B expansion and stable margins.
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Disclaimer
The information provided in this blog post is for educational and informational purposes only and should not be construed as investment advice, stock recommendations, or financial guidance. While every effort has been made to ensure the accuracy of the data, including GMP trends, subscription details, and listing predictions, market conditions are dynamic and subject to change. Readers are advised to consult with a certified financial advisor or conduct their own due diligence before making any investment decisions. The blog and its author shall not be held responsible for any financial losses or decisions made based on this content.