Pushpa Jewellers IPO

About Pushpa Jewellers IPO

Pushpa Jewellers Limited IPO is an IPO of up to 67,11,000 equity shares, aggregating up to ₹98.65 crores. It consists of an offer for sale of up to 13,41,000 equity shares, aggregating up to ₹19.71 cr and a fresh issue of up to 53,70,000 equity shares of face value of ₹10/- each, aggregating up to ₹74 cr. The lot size and the price range are 1000 shares and ₹143-₹147 respectively.

The listing date of the shares is July 7, 2025. The shares will be allotted on June 3, 2025. The credit of shares to the demat account will take place on July 4, 2025 and the initiation of refunds will take place on July 4, 2025.

Objective of Pushpa Jewellers IPO

• To meet the working capital requirements.
• To finance establishment of proposed new showroom, i.e. (a) Capital expenditure cost for proposed new showroom (b) Inventory cost for the proposed new showroom
• General corporate purpose.
• To meet the offer expenses.

Industry Outlook

As per the current market research conducted by Custom Market Insights Market Research Team, the global jewellery market is expected to record a CAGR of 4.6% from 2023 to 2030. In 2023, the market size is projected to reach a valuation of USD 35,636 crore; by 2030, the valuation is anticipated to reach USD 48,821 crore.

In 2024, the revenue in the jewellery market worldwide is projected to reach a staggering USD 31,090 crore. This market is expected to experience an annual growth rate of 3.53%, according to the compound annual growth rate (CAGR) for the period 2024-2028. When compared to other countries, India leads the pack in terms of revenue generation in the jewellery market, with an estimated revenue of USD 8,126 crore in 2024. This highlights the significant role that India plays in the global jewellery market.

Gold is intrinsic to Indian culture, closely tied to religious beliefs, traditions and festivals. Bridal jewellery dominates the gold jewellery landscape, enjoying 50-55% of market share; weddings, together with festivals, constitute the two major gold purchase occasions in India.

India’s gems and jewellery exports are expected to reach USD 10000 crore by 2027. India is the second-largest gold jewellery consumer in the world, and India’s gold demand is expected to reach 800-900 tonnes in 2024. From April-January 2024, India's gems and jewellery exports were at USD 2,635 crore.

Company Information

Pushpa Jewellers Limited is a wholesale B2B jewellery maker with a presence across India. Their jewellery business includes the sale of a wide range of traditional and modern gold jewellery. Their main focus is on detailing and highlighting small areas minutely, as their jewellery consists of some of the world’s finest stones, namely emerald, jade, pearl and meena. They have a presence across multiple regions in India, and they also export their jewellery to international markets like Dubai, the United States and Australia. Their story is woven into each piece of gold jewellery they create. With a legacy spanning decades, they have honed their craft to perfection, bringing forth a diverse array of intricately designed necklaces, bracelets, earrings and rings.

Risks of Pushpa Jewellers IPO

• They are highly dependent on their suppliers for uninterrupted supply of raw materials. Any shortfall in the supply of their raw materials, or an increase in their raw material costs and other input costs, may adversely affect the pricing and supply of their products, subsequently having an adverse effect on the business, results of operations and financial condition of their company:

Raw materials are subject to supply disruptions and price volatility caused by various factors such as commodity market fluctuations, the quality and availability of raw materials, currency fluctuations, consumer demand, changes in government policies and regulatory sanctions.

• Fluctuations in the market price of gold could influence their income, profitability and operational scale:

Gold prices have been volatile in the recent past, although there has been an increased investment demand for gold globally. Fluctuations in gold prices may affect consumer demand as well as operating costs of the company.

• They are dependent on third-party transportation providers for the delivery of their raw materials and products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well as the extent and reliability of Indian infrastructure, may have an adverse effect on their business, financial condition, results of operations and prospects:

Transportation strikes could have an adverse effect on their receipt of raw materials and their ability to deliver their products to their customers. In addition, transportation costs in India have been steadily increasing over the past several years. Continuing increases in transportation costs or unavailability of transportation services for their products may have an adverse effect on their business, financial condition, results of operations and prospects.

Anchor Investor Information

The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Issue Opening Date. The Anchor investor bidding took place on June 27, 2025.

IPO Registrar and Book Running Lead Managers

Book running lead managers: Affinity Global Capital Market Private Limited

Registrar for the IPO : Cameo Corporate Services Limited

Business Model

The company earns its revenue through offering a wide range of gold jewellery products with unique designs which suit every taste and occasion, from traditional to contemporary styles, perfect for weddings, festivals, and everyday wear.

Company Growth Trajectory

Total income for FY2025 stood at ₹281.27 crores compared to ₹255.49 crores in FY2024, reflecting a 10.09% increase.

Revenue from operations rose 10.07% from ₹255.34 crores in FY2024 to ₹281.06 crores in FY2025. Other income increased by 43.45% to ₹0.21 crore in FY2025 from ₹0.15 crore in FY2024, representing an absolute increase of ₹0.06 crore.

The company's net profit after tax grew substantially by 64.15%, reaching ₹22.29 crores in FY 2024-25 versus ₹13.58 crores in FY 2023-24. PAT margins improved from 5.31% of total income in FY 2023-24 to 7.92% in FY2025.

Company Market Position

Currently, they have three branches, which are office-cum showrooms in India, situated in Hyderabad, Bangalore, and Chennai. Their plans are to expand further by establishing additional showrooms or branches in key locations such as Vijayawada. They take pride in exporting their jewellery to international markets, including Dubai, Australia, and the United States. With this, they are involved in sales, which involve selling products to other businesses rather than individual consumers. This typically includes selling in bulk to retailers, wholesalers, or other corporations who may use the jewellery as part of their product line.

How To Check Allotment Status of Pushpa Jewellers IPO?

You can check the allotment status of shares either on the website of the National Stock Exchange (NSE) or on the website of the registrar Cameo Corporate Services Limited.

To check the status on the NSE website:

• Visit the NSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Pushpa Jewellers Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Cameo Corporate Services Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select Pushpa Jewellers Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status

How To Apply for Pushpa Jewellers IPO?

• Step 1: Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.