Priority Jewels IPO Day 3: Issue subscribed 46.73x so far. GMP signals 23% listing pop. Apply or not?

Priority Jewels IPO has entered its last day of bidding on Tuesday, 1 September. The mainboard IPO opened for bidding on Friday, 28 August and will close today.

The issue has received strong response from investors so far by subscribing over 21.23 times on the second day of bidding. The Priority Jewels IPO price band has been set at ₹190– ₹200 per share.

The IPO is currently commanding a grey market premium (GMP) of ₹45. Based on the upper end of the price band and the prevailing GMP, the estimated listing price is ₹245 per share, implying a potential premium of 22.50% over the issue price of ₹200.

Recent grey market trends over the past nine sessions indicate that the IPO’s GMP has moved higher, signalling positive investor sentiment and expectations of a strong listing. During this period, the GMP ranged from ₹0 to a high of ₹45.

Priority Jewels IPO subscription status

Priority Jewels IPO was subscribed 46.73 times by the last day of bidding. The retail investor portion was subscribed 61.35 times, while the non-institutional investors (NII) category was booked 72.58 times. Meanwhile, the qualified institutional buyers (QIB) portion received bids for 1.76 times of the shares offered.

According to BSE data, the issue received bids for 14,96,61,075 shares against the 32,02,500 shares on offer.

Priority Jewels IPO review

Swastika Investmart noted that Priority Jewels’ revenue increased by around 24% year-on-year in FY26, alongside a notable improvement in margins, while its leverage was reduced by nearly half.

The brokerage has maintained a ‘Neutral’ rating on the stock, citing limited potential for an attractive long-term value proposition unless Return on Net Worth (RoNW) improves to levels comparable with its peers and customer concentration decreases following the listing.

According to Swastika Investmart, the company’s improving profitability and reduced debt levels are key positives. However, it believes the current valuation is reasonable rather than inexpensive. The brokerage also highlighted that margins remain relatively low for a jewellery manufacturer and that the IPO proceeds are not earmarked for growth-oriented capital expenditure.

Meanwhile, brokerage firm Anand Rathi has given ‘subscribe for long-term’ rating to the Priority Jewels IPO, saying that the Company is well positioned to benefit from the growing demand for affordable and designer jewellery.

It added that at the upper price band, based on FY26 earnings, the issue is valued at 20.5x P/E and 13.9x EV/EBITDA, implying a post-issue market capitalization of ₹3,600 million, making the issue fully priced. However, the business remains exposed to fluctuations in gold prices, changing consumer preferences and competitive jewellery manufacturing industry. Going forward, capacity expansion, balance sheet deleveraging and diversification into silver jewellery, lab-grown diamond jewellery and high-end jewellery are expected to support growth.

Priority Jewels IPO details

The ₹91.05-crore IPO consists entirely of a fresh issue of 46 lakh shares, with the price band set at ₹190–200 per share. The IPO has a lot size of 75 shares, translating into a minimum investment of ₹15,000 for retail investors at the upper price band.

The issue opened for subscription on August 28, 2026, and will remain open until September 1. The allotment is likely to be finalised on September 2, with the company’s shares expected to list on the NSE and BSE on September 4, 2026.

Mefcom Capital Markets Ltd. is serving as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar. Prior to the IPO, Priority Jewels raised ₹27.45 crore from anchor investors through the allotment of 13.72 lakh shares at ₹200 per share.

Of the IPO proceeds, around ₹75 crore is earmarked for the repayment or pre-payment, either fully or partially, of certain borrowings. The balance funds will be utilised for general corporate purposes.

Mefcom Capital Markets is the book-running lead manager for the issue, while MUFG Intime India is acting as the registrar.

Established in 2007, Priority Jewels is engaged in the design, manufacturing and sale of diamond-studded gold and platinum jewellery. Its product portfolio includes rings, earrings, pendants, neckwear, bracelets and jewellery designed for special occasions.

The company supplies its jewellery to independent retailers and organised jewellery chains across India and international markets. Its clientele includes CaratLane Trading, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.