Nityas Gems & Jewellery Limited IPO: Comprehensive Analysis

 Executive Summary & Core IPO Parameters

Nityas Gems & Jewellery Limited is launching its Mainboard Bookbuilding Initial Public Offering (IPO) valued at ₹108.35 Crores. The entire offer consists of a fresh issue of 1,44,56,000 equity shares with a face value of ₹5 per share.

• Issue Price Band: ₹70 to ₹75 per share

• Minimum Lot Size: 200 shares

• Minimum Retail Investment: ₹15,000 (1 Lot at upper price band)

• Listing Venues: National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)

• Book Running Lead Manager: Choice Capital Advisors Pvt. Ltd.

• Registrar: Bigshare Services Pvt. Ltd.

• Post-Issue Market Capitalization: ₹431.95 Crores (at ₹75 upper price band)

• Employee Discount: ₹7.00 per share on 1,00,000 reserved equity shares

2. Important IPO Timetable (Tentative)

The IPO schedule runs from late September through early October 2026:

1. IPO Opening Date: Wednesday, September 30, 2026

2. IPO Closing Date: Monday, October 5, 2026

3. Basis of Allotment Finalization: Tuesday, October 6, 2026

4. Initiation of Refunds: Wednesday, October 7, 2026

5. Credit of Shares to Demat Accounts: Wednesday, October 7, 2026

6. Official Listing Date: Thursday, October 8, 2026

3. Issue Reservation & Structure

The total issue size of 1,44,56,000 equity shares is split into preferential employee reservations and net public offers:

• Employee Reservation: 1,00,000 shares (0.69% of Total Issue)

• Net Offer to Public: 1,43,56,000 shares (99.31% of Total Issue)

  • Qualified Institutional Buyers (QIB): 71,78,000 shares (50.00% of Net Offer)

  • Non-Institutional Investors (NII / HNI): 21,53,400 shares (15.00% of Net Offer)

    • bNII (Bids > ₹10 Lakhs): 14,35,600 shares (9.93%)

    • sNII (Bids < ₹10 Lakhs): 7,17,800 shares (4.97%)

  • Retail Individual Investors (RII): 50,24,600 shares (35.00% of Net Offer) — Maximum 25,123 allottees

4. Application Lot Size Breakdown

5. Live Subscription Status (As of Day 3, Oct 5, 2026 – 12:44 PM)

The overall issue has been subscribed 1.42 times, receiving bids for 2,05,04,200 shares worth ₹153.78 Crores against 1,44,56,000 offered shares across 58,830 applications.

• Retail Individual Investors (RII): 2.77x (1,39,02,000 shares bid vs 50,24,600 offered)

• Employee Portion: 2.02x (2,01,800 shares bid vs 1,00,000 offered)

• Non-Institutional Investors (NII): 1.08x (23,32,400 shares bid vs 21,53,400 offered)

  • sNII (< ₹10L): 1.49x

  • bNII (> ₹10L): 0.88x

• Qualified Institutional Buyers (QIB – Ex Anchor): 0.57x (40,68,000 shares bid vs 71,78,000 offered)

Day-wise Subscription Progression (Times)

6. Grey Market Premium (GMP) & Sentiment Analysis

• Latest Live GMP (Oct 5, 2026): ₹1.00 per share

• Estimated Listing Price: ₹76.00 (₹75 Base + ₹1 GMP)

• Expected Percentage Listing Gain: ~1.33%

• Estimated Profit per Retail Lot: ₹200 (₹1 × 200 shares)

• 8-Day GMP Trend: Stable to softer demand. Premium fell from a high of ₹9.00 (12.00%) on Sept 28 down to ₹1.00 (1.33%) on Oct 5.

7. Company Business Profile & Key Strengths

Incorporated in April 2022, Nityas Gems and Jewellery Limited manufactures and sells lab-grown diamond-studded gold jewellery in India.

• Business Model: Hybrid model combining B2B manufacturing and distribution across 18 Indian states, 2 UTs, and 5 international regions (UAE, Australia, Canada, Taiwan, Kenya), plus D2C retail operations via its acquired brand Ayaani (10 retail outlets across 8 cities).

• Key B2B Clients: GIVA, Palmonas, ONYA, and Ladia Diamonds.

• Manufacturing Infrastructure: Located in Surat, Gujarat, equipped with in-house design, prototyping, and production capabilities employing 192 full-time personnel (122 in-house karigars and 29 designers).

• DRHP DETAILS

8. Financial Performance & Key Metrics

Financial performance measured on a restated consolidated basis (Amounts in ₹ Crore):

Key Ratios & Valuation Parameters (FY26)

• Return on Capital Employed (ROCE): 42.93%

• Return on Net Worth (RoNW): 43.75%

• PAT Margin: 11.00%

• EBITDA Margin: 15.27%

• Debt / Equity Ratio: 0.29

• Net Asset Value (NAV) per share: ₹15.13

• Price-to-Book Value (P/B): 4.96x

• Pre-IPO EPS: ₹5.17 | Post-IPO EPS: ₹3.87

• Pre-IPO P/E: 14.51x | Post-IPO P/E: 19.38x

9. Objects of the Issue

The net proceeds generated from the fresh equity issue of ₹108.35 Crores will be deployed as follows:

1. Funding Working Capital Requirements: ₹70.00 Crores

2. General Corporate Purposes: Balance allocation out of net proceeds.

10. Promoter Shareholding Pattern

The company’s key promoters are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai.

• Pre-IPO Promoter Shareholding: 58.10%

• Post-IPO Promoter Shareholding: 43.51%

• Pre-IPO Public Shareholding: 41.90%

• Post-IPO Public Shareholding: 56.49%