NITYAS GEMS AND JEWELLERY LIMITED IPO — Subscription & GMP
- Price band
- ₹70 – ₹75
- Lot size
- 200
- Issue size
- ₹108.42 Cr
- Bidding
- 30 Sept 2026 → 05 Oct 2026
- Allotment
- —
- Listing
- 08 Oct 2026
Listing outcome
Official exchange pricesGMP was out by 5.3 percentage points in the buyer’s favour — it implied +1.33% and the issue listed +6.67%. Counted in our running GMP accuracy record.
Schedule
- 30 Sept 2026IPO open date
- 05 Oct 2026IPO close date
- 06 Oct 2026Allotment date†
- 06 Oct 2026Funds unblock or debit†
- 08 Oct 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsNityas Gems and Jewellery designs and manufactures lab-grown diamond jewellery set in gold, and sells it both wholesale to other jewellers and directly to consumers. It began operations in July 2022 and manufactures in Surat, Gujarat.
How it makes money
The business runs on two channels.
B2B manufacturing is the core. Nityas designs and makes jewellery for organised retailers — the filing names GIVA, Palmonas, ONYA and Ladia Diamonds — as well as standalone retailers and wholesalers, customised to each buyer's purity, weight and design specifications. It supplies across 18 states and 2 union territories, and exports to the UAE, Australia, Canada, Taiwan and Kenya.
Direct-to-consumer came through the July 2025 acquisition of Ayaani Diamonds and Jewellery, which sells online and through ten stores in eight cities, run as a mix of company-owned and franchised outlets.
The focus is lightweight, affordable pieces for daily wear and younger buyers. Lab-grown diamonds are chemically and optically identical to mined ones but cost far less, which is the whole premise of the segment.
The numbers
- Revenue: ₹202.9 Cr in FY26, up from ₹96.8 Cr (FY25) and ₹53.7 Cr (FY24)
- Profit after tax: ₹22.3 Cr in FY26, against ₹9.8 Cr and ₹4.0 Cr
- EBITDA margin: 15.3% in FY26, rising from 10.2% two years earlier
- PAT margin: about 11.0%
- Net worth: ₹61.8 Cr; debt-to-equity of 0.22
- EPS: ₹5.52 for FY26, about 13.6× earnings at the top of the band
Revenue has roughly doubled in each of the last two years.
Where the money goes
This is entirely a fresh issue — there is no offer for sale, so all the money goes to the company. About ₹70 Cr is for working capital, with the balance for general corporate purposes. Jewellery is inventory-heavy, which is why working capital dominates.
Worth knowing
- FY26 includes Ayaani only from its acquisition in July 2025, so part of that year's growth was bought rather than organic. The two channels will be easier to judge once a full year of combined results is available.
- A large share of B2B sales goes to a handful of named retail brands, so the loss of one customer would be felt.
- Lab-grown diamond prices have been falling steadily as production scales up, which pressures selling prices across the segment.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹5.52 | — |
| P/E ratio | 13.59× | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 852 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 71.78 L | 56.31 L | 0.78× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 36.03 L | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| 1(c)Mutual funds | — | 0 | — |
| 2Non Institutional Investors | 21.53 L | 29.59 L | 1.37× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 14.36 L | 16.46 L | 1.15× |
| 2.1(c)Others | — | 40,200 | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 7.18 L | 13.13 L | 1.83× |
| 2.2(a)Corporates | — | 29,400 | — |
| 2.2(b)Individuals(Other than RIIs) | — | 12.56 L | — |
| 3Retail Individual Investors(RIIs) | 50.25 L | 1.11 Cr | 2.21× |
| 3(a)Cut Off | — | 1.02 Cr | — |
| 3(b)Price bids | — | 9.22 L | — |
| 4Employees | 1.00 L | 1.49 L | 1.49× |
| 4(b)Price Bids | — | 31,000 | — |
| Total | 1.45 Cr | 1.99 Cr | 1.37× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹70 → ₹75 · peak 3.26 Cr shares bid
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹70 – ₹75
- Lot size
- 200 shares
- Min. bid quantity
- 200
- Face value
- ₹5.00
- Tick size
- ₹1.00
- Shares offered
- 1.45 Cr
- Issue size
- ₹108.42 Cr
- Max bid · QIB
- 1.44 Cr
- Max bid · NII
- 71.78 L
Timeline & process
- Bidding opens
- 30 Sept 2026
- Bidding closes
- 05 Oct 2026
- Bidding hours
- 10.00 am to 5.00 pm
- UPI mandate cutoff
- 05th October 2026 (Upto 5.00 Pm)
- Allotment
- —
- Listing
- 08 Oct 2026
Intermediaries
- Registrar
- Bigshare Services Private Limited
- Sponsor bank
- AXIS BANK
- Lead managers
- Choice Capital Advisors Private Limited, NA