Priority Jewels IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 39.87x |
| NII | 166.49x |
| sNII (₹2L–₹10L) | 195.04x |
| bNII (above ₹10L) | 152.22x |
| Retail (RII) | 106.76x |
| Total | 100.45x |
Bidding day 5 · final figures at close of bidding: 4 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 28 Aug 2026
- Close Date
- 1 Sept 2026
- Listing Date
- 4 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹91.5 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 75 | ₹15,000 |
| Retail (Max) | 14 | 1,050 | ₹2,10,000 |
| B-HNI (Min) | 67 | 5,025 | ₹10,05,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 13,72,500 | 30% |
| QIB (ex-anchor) | 9,15,000 | 20% |
| NII | 6,86,250 | 15% |
| — sNII (< ₹10L) | 2,28,750 | 5% |
| — bNII (> ₹10L) | 4,57,500 | 10% |
| Retail | 16,01,250 | 35% |
| Total | 45,75,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 410.61 | 7.15 | 19.35 | 94.78 | 268.99 | 124.96 | — |
| FY 2025 | 435.87 | 10.51 | 24.28 | 104.89 | 309.14 | 145.85 | — |
| FY 2026 | 539.03 | 17.65 | 33.62 | 138.61 | 291.95 | 102.59 | — |
| Jun 2026 (interim) | 147.4 | 6.48 | 10.29 | 145.66 | 310.61 | 110.49 | 13.15 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 15.21x
- P/E (post-issue)
- 13.9x
- RoNW
- 4.44%
- RoE
- 4.55%
- RoCE
- 6.92%
- Debt / Equity
- 0.76
- EPS (pre-issue)
- ₹13.15
- EPS (post-issue)
- ₹14.39
- EBITDA Margin
- 7.01%
- PAT Margin
- 4.39%
- P/BV
- 1.94x
- NAV / share
- ₹108.59
- Market Cap
- ₹360 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment / pre-payment, in full or in part, of certain borrowings availed by Company | ₹75 Cr |
| General Corporate Purposes | ₹18.85 Cr |
| Issue Expenses | ₹13.32 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the Book Running Lead Manager and commissions (including underwriting commission, brokerage and selling commission | ₹9.14 Cr |
| Commission/processing/uploading fee for SCSBs, Sponsor Bank(s) and Banker(s) to the Issue. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs | ₹1.63 Cr |
| Fees payable to the Registrar to the Issue | ₹0.18 Cr |
| Advertising and marketing expenses | ₹0.44 Cr |
| Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹0.1 Cr |
| Printing and distribution of stationery | ₹0.2 Cr |
| Fees payable to the legal counsels to the Issue | ₹0.9 Cr |
| Fees payable to the statutory auditor | ₹0.28 Cr |
| Fees payable to the industry service provider | ₹0.09 Cr |
| Miscellaneous | ₹0.36 Cr |
Promoters & Shareholding
Promoters: <p>Shailesh Sangani, Manisha Shailesh Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh, Priority Retail Ventures Pvt.Ltd.</p>
- Holding (pre-issue)
- 93.85%
- Holding (post-issue)
- 70%
- Dilution
- 23.85%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| WHITEOAK CAPITAL EQUITY FUND | Other | 4,32,750 | ₹200 | 8.66 | 31.53% |
| SANSHI FUND-I | Other | 4,32,750 | ₹200 | 8.66 | 31.53% |
| PLUTUS INVESTMENT TRUST-PLUTUS EQUITY INVESTMENTS SERIES | Other | 2,53,500 | ₹200 | 5.07 | 18.47% |
| KHANDELWAL FINANCE PVT.LTD. | Other | 2,53,500 | ₹200 | 5.07 | 18.47% |
Anchor bidding took place on 27 Aug 2026. Anchor lock-in: 50% of shares unlock on 2 Oct 2026, the remainder on 1 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Priority Jewels | 14.03 | 103.3 | — | 12.73% | — | Consolidated |
| Ashapuri Gold Ornament | 0.56 | 5 | 7.02x | 11.13% | 0.6x | Standalone |
| Khazanchi Jewellers Ltd | 36.1 | 129.13 | 22.24x | 27.98% | 6.22x | Standalone |
| Rbz Jewellers Ltd | 13.7 | 74.96 | 10.08x | 18.28% | 1.86x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Priority Jewels IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Priority Jewels IPO
The Priority Jewels mainboard IPO is open between 28 Aug 2026 and 1 Sept 2026, offered at a price band of ₹190–200 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹91.5 crore. Retail investors bid in lots of 75 shares, a minimum application of ₹15,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹91.5 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment / pre-payment, in full or in part, of certain borrowings availed by company (₹75 crore), alongside general corporate purposes (₹18.85 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Priority Jewels reported revenue of ₹147.4 crore and a net profit of ₹6.48 crore. Revenue declined from ₹410.61 crore in FY2024 to ₹147.4 crore in FY2026 (-64.0%). Net worth stood at ₹145.66 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 13.9× post-issue earnings and 1.94× book value, against a return on net worth of 4.44% and a debt-to-equity ratio of 0.76. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Ashapuri Gold Ornament and Khazanchi Jewellers Ltd, with a median peer P/E of about 10.1×. The issue's own post-issue P/E works out to 13.9×.
Promoters
The promoters of the company are <p>Shailesh Sangani, Manisha Shailesh Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh, Priority Retail Ventures Pvt.Ltd.</p>. Promoter holding stands at 93.85% before the issue and comes down to 70% after listing.
Grey market premium (GMP)
In the unofficial grey market, Priority Jewels shares are quoted at a premium of ₹28 implying an expected listing around ₹228, about +14.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Priority Jewels IPO was subscribed 100.45 times overall. The strongest demand came from non-institutional investors (NII) at 166.49 times, with qualified institutional buyers (QIB) at 39.87× and retail investors at 106.76×.
Listing performance
Priority Jewels listed on 4 Sept 2026 at ₹225.2, a premium of +12.6% over the issue price of ₹200.
What to weigh
When evaluating the Priority Jewels IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Priority Jewels
Incorporated in 2007, Priority Jewels designs, manufactures, and sells diamond-studded gold and platinum fine jewellery. It offers a variety of daily wear jewellery products, like rings, earrings, pendants, neckware, bracelets, and occasion couture jewellery. The company sells products to independent jewellers and jewellery chains in India and globally, like CaratLane Trading Pvt Ltd, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Thribhovandas Bhimji Zaveri Ltd, and Senco Gold Ltd. As of December 31, 2024, it has served over 200 customers, including 159 independent jewellers and 35 jewellery chains. The company has a strong market presence across 21 states and 3 union territories, and exports products to 13 countries, including the United States of America, UAE, Hong Kong, and Norway. It has two jewellery manufacturing facilities in Mumbai across 19,008.79 square feet. Competitive Strengths Diversified product portfolio with strong design capabilities Integrated manufacturing facility in Mumbai Experienced promoters and leaders Longstanding relationship with customers Strong market presence across domestic and international markets
Priority Jewels — Contact Details
- Registered office
- Plot No. 121,, Street No.15/18 MIDC,, Andheri (East), Mumbai, Maharashtra, 400093
- Phone
- +91 22 6767 9898
- cs@priorityindia.com
- Website
- www.priorityjewels.in/
- Registrar (IPO queries)
- priorityjewels.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the Priority Jewels IPO price band?
- The Priority Jewels IPO price band is ₹190 to ₹200 per share, with a lot size of 75 shares.
- What was the Priority Jewels IPO GMP before listing?
- The final grey market premium recorded before the Priority Jewels IPO listed was ₹28. The IPO listed on 4 Sept 2026 at ₹225.2, +12.6% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Priority Jewels IPO open and close?
- The Priority Jewels IPO opens on 28 Aug 2026 and closes on 1 Sept 2026.
- When is the Priority Jewels IPO allotment and listing date?
- Allotment is expected on 2 Sept 2026. The shares are scheduled to list on 4 Sept 2026 on NSE and BSE.
- How many times was the Priority Jewels IPO subscribed?
- The Priority Jewels IPO was subscribed 100.45 times in total across all investor categories.
- What is the reservation split in the Priority Jewels IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Priority Jewels and what is their holding?
- The promoters are <p>Shailesh Sangani, Manisha Shailesh Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh, Priority Retail Ventures Pvt.Ltd.</p>. Promoter holding is 93.85% before the issue and 70% after listing.
- What is the P/E ratio of the Priority Jewels IPO?
- At the upper price band, the Priority Jewels IPO is valued at 15.21× pre-issue earnings and 13.9× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Priority Jewels IPO?
- The net proceeds go primarily toward repayment / pre-payment, in full or in part, of certain borrowings availed by company, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Priority Jewels IPO?
- The book-running lead manager is Mefcom Capital Markets Ltd..
- Is Priority Jewels a Mainboard or SME IPO?
- Priority Jewels is a Mainboard IPO, listing on NSE and BSE.