Pushpa Jewellers IPO open date is June 30, 2025 and the IPO will close on July 2, 2025.
The company reported revenue of ₹281.27 crores and profit of ₹22.29 crores in 2025.
Pushpa Jewellers IPO Details
| IPO Open Date: | June 30, 2025 |
| IPO Close Date: | July 2, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹143 to ₹147 Per Share |
| Issue Size: | Approx ₹98.65 Crores |
| Fresh Issue: | Approx ₹74.00 Crores |
| Offer for Sale: | Approx 13,41,000 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | NSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
Pushpa Jewellers IPO Market Lot
The Pushpa Jewellers IPO minimum market lot is 1000 shares with ₹1,47,000 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 1000 | ₹1,47,000 |
| Retail Maximum | 1 | 1000 | ₹1,47,000 |
| S-HNI Minimum | 2 | 2,000 | ₹2,94,000 |
Pushpa Jewellers IPO Timeline
| IPO Open Date: | June 30, 2025 |
| IPO Close Date: | July 2, 2025 |
| Basis of Allotment: | July 3, 2025 |
| Refunds: | July 4, 2025 |
| Credit to Demat Account: | July 4, 2025 |
| IPO Listing Date: | July 7, 2025 |
Pushpa Jewellers IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2022 | ₹73.91 | ₹98.91 | ₹6.17 | ₹21.79 |
| 2023 | ₹165.84 | ₹153.93 | ₹8.14 | ₹43.39 |
| 2024 | ₹255.49 | ₹237.33 | ₹13.58 | ₹51.46 |
| 2025 | ₹281.27 | ₹251.47 | ₹22.29 | ₹91.10 |
Pushpa Jewellers IPO Valuation – FY2025
| KPI | Values |
| ROE: | 47.31% |
| ROCE: | 27.84% |
| EBITDA Margin: | 11.30% |
| PAT Margin: | 7.93% |
| Debt to equity ratio: | 0.38 |
| Earning Per Share (EPS): | ₹11.82 (Basic) |
| Price/Earning P/E Ratio: | [.] |
| Return on Net Worth (RoNW): | 38.34% |
| Net Asset Value (NAV): | ₹30.83 |
Peer Group Comparison
Compared to listed peers, Pushpa Jewellers has higher ROE and steady profit margins. Exact valuation (P/E, EV/EBITDA) will be known post price band announcement but initial financials support a fair valuation outlook.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Sky Gold Limited | 56.13 | 5.52 | 16.67% | 336.63 | 57.94 Cr. |
| Khazanchi Jewellers Limited | 18.15 | 30.98 | 19.41% | 93.52 | 44.92 Cr. |
About Pushpa Jewellers
Founded in 2009 as Pushpa Jewellers Pvt. Ltd., the company transitioned to a public limited company in April 2024. It has grown from hallmarking and B2B jewelry supply to multi-branch operations with export capabilities to the USA, UAE, and Australia. Key milestones include setting up showrooms in Chennai, Bengaluru, and Hyderabad, joining major jewellery associations, and crossing ₹100 crore in revenue in FY22.
Pushpa Jewellers Business Overview
A B2B gold jewellery manufacturer and exporter with southern India dominance.
The company designs and sells traditional and modern gold jewellery (necklaces, rings, malas, etc.) through job workers (karigars). It exports to Dubai, Australia, and the U.S., and has showrooms in Hyderabad, Chennai, and Bengaluru. Revenue comes mainly from domestic B2B sales, with a rising share from exports and service contracts.
Industry & Market Overview
India commands 24.21% of the global jewellery market, which is on a strong growth trajectory.
Globally, the jewellery market is expected to grow at 4.6% CAGR, reaching USD 488.21 billion by 2030. India’s market was USD 85.52 billion in 2023, expected to grow at 5.7% CAGR. Growth drivers include urbanization, customized designs, and gold’s cultural significance. Pushpa operates in a fragmented but high-potential space, especially in South India.
Objects of the Issue
The IPO proceeds will be used for ₹3,953.79 lakh working capital, ₹190 lakh for showroom expansion, ₹345.6 lakh for inventory purchase, and general corporate purposes. OFS component includes 13.42 lakh equity shares sold by promoters.
- To meet working capital Expenses
- To Finance Establishment of proposed new showroom
- Cost of Capital expenditure for the proposed new showroom
- Cost of Inventory for the proposed new showroom
- General corporate purposes & offer-related expenses
Promoter & Management Analysis
Promoters are Mr. Anupam Tibrewal, Mr. Mridul Tibrewal, and Mr. Madhur Tibrewal. Pre-IPO holding is 100%. No legal or regulatory issues have been reported. Promoters have domain expertise and control key managerial positions.
Cash Flow Analysis
Strong cash flow from operations in FY24, aligning with net profits.
- Operating Cash Flow (FY24): ₹1,672.83 lakhs
- Investing & Financing activities are balanced, though historical investment flows were minimal.
- No major mismatch flagged between net profit and cash generation.
Pushpa Jewellers IPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/
Company Address
Pushpa Jewellers Limited
Unit 4A, Tirumala 22,
Premises No. 22,
East Topsia Road,
Kolkata, West Bengal, 700046
Phone: 033 4006 3154
Email: cs@pushpajewellers.in
Website: http://www.pushpajeweller.com/
Pushpa Jewellers IPO FAQs
What does Pushpa Jewellers do?
It is a gold jewellery manufacturer and exporter catering to B2B clients across India and abroad.
When Pushpa Jewellers IPO will open for subscription?
The IPO is to open on June 30, 2025 for QIB, NII, and Retail Investors. The IPO will close on July 2, 2025.
What is Pushpa Jewellers IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
What is Pushpa Jewellers IPO Issue Size?
Pushpa Jewellers IPO issue size is ₹98.65 crores.
What is Pushpa Jewellers IPO Price Band?
Pushpa Jewellers IPO Price Band is ₹143 to ₹147.
What is Pushpa Jewellers IPO Lot Size?
The minimum bid is 1000 Shares with ₹1,47,000 amount.
What is the Pushpa Jewellers IPO Allotment Date?
Pushpa Jewellers IPO allotment date is July 3, 2025.
What is the Pushpa Jewellers IPO Listing Date?
Pushpa Jewellers IPO listing date is July 7, 2025. The IPO is to list on NSE.
Pushpa Jewellers Related Party Transactions
Major transactions include sale and purchase of goods/services within group companies. All appear routine and disclosed in financials without signs of conflict or unusual volume.
Pushpa Jewellers IPO Red Flags
No major red flags found. The OFS is moderate (~20% of issue), profits have shown steady growth, and there is no auditor resignation or legal challenge. However, regional concentration and reliance on job work may warrant monitoring.
Pushpa Jewellers Peer Comparison & Valuation
Compared to listed peers, Pushpa Jewellers has higher ROE and steady profit margins. Exact valuation (P/E, EV/EBITDA) will be known post price band announcement but initial financials support a fair valuation outlook.
Pushpa Jewellers Key Risk Factors
Risks include high dependence on gold price volatility, regulatory changes in hallmarking/export policies, and reliance on third-party karigars. It also faces competition in a fragmented market and some geographical concentration.
Pushpa Jewellers Financial Highlights FY22–FY24
Pushpa Jewellers grew revenue from ₹107.65 Cr in FY22 to ₹255.34 Cr in FY24. Net profit rose to ₹12.79 Cr in FY24 with a 5.01% margin. Return ratios remained strong with FY24 ROE at 36.06% and ROCE at 34.30%.