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Pushpa Jewellers Ltd IPO
Status: Current
Overview
IPO date
30 Jun 2025 to 02 Jul 2025
Face value
₹ 10 per share
Price
₹ 143 to ₹147 per share
Issue Size
6,711,000 shares
(aggregating up to ₹ 98.65 Cr)
(aggregating up to ₹ 98.65 Cr)
Allotment Date
03 Jul 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Diamond, Gems and Jewellery
Objectives of Pushpa Jewellers Ltd IPO
Initial public offer of upto 67,11,000* equity shares of face value of Rs. 10/- each ("Equity Shares") of Pushpa Jewellers Limited ("the Company") for cash at a price of Rs. [*] per equity share (including share premium of Rs. [*] per equity share) ("Offer Price"), aggregating up to Rs. [*] crores comprising a fresh issue of up to 53,70,000 equity shares aggregating up to Rs. [*] crores by the company ("Fresh Offer") and an offer for sale of up to 13,41,000 equiy shares aggregating up to Rs. [*] crores by the promoters selling shareholders, (the "Offered Shares") (the "Offer for Sale" and together with the fresh offer, the "Offer") of which upto 3,36,000 equity shares aggregating to Rs. [*] crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer less market maker reservation portion i.e., net offer of upto 6,37,5000 equity shares at an offer price of Rs. [*] per equity share aggregating to Rs. [*] crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 27.71% and 26.32%, respectively of the post offer paid up equity share capital of the company.
Price Band: Rs. 143 to Rs. 147 per equity share of face value of Rs. 10 each.
The floor price is 14.3 times of the face value and the cap price is 14.7 times of the face value.
Bids can be made for the minimum of 1000 equity shares and in multiples of 1000 equity shares thereafter.
Pushpa Jewellers Ltd IPO Strategy
- Opening New Showrooms to Widen its Geographical Reach and Increase Product Portfolio.
- Streamlined Operations via Inbuilt SAAS Systems.
- Corrective And Preventive Actions (CAPA)- "The company Does not Make Same Mistakes Twice".
- Artificial Intelligence (AI) Fueled Lead Management.
- Accelerated Team Building for Sales and Marketing.
About Pushpa Jewellers Ltd
Pushpa Jewellers Limited was originally incorporated on June 03, 2009 as a Private Limited Company in the name and style of 'Pushpa Jewellers Private Limited' vide Certificate of Incorporation issued by the Registrar of Companies, Kolkata. Later, the Company converted into a Public Limited Company and the name was changed to 'Pushpa Jewellers Limited' and a fresh Certificate of Incorporation dated July 29 , 2024 was issued by the Registrar of Companies, Central Processing Centre. Mr. Mridul Tibrewal, Mr. Anupam Tibrewal and Mr. Madhur Tibrewal are the Promoters of the Company. Mr. Mridul Tibrewal had acquired his initial holding of 1,150 Equity Shares on February 18, 2010 by way of allotment.
The Company is prominent jewellery maker in B2B with a presence across India. Their jewellery business includes the sale of wide range of Traditional and Modern Gold jewellery. The Company operate the manufacturing through Karigars engaged as Job Workers who are experienced in artistic work in carving and processing of plain and studded gold jewellery across Kolkata.
The main focus is in detailing and highlighting small areas minutely as the jewellery consists of some of the world's finest stones namely Emerald, Jade, Pearl and Meena. Currently, the Company operate 3 branches which are office cum showrooms in India, situated in Hyderabad, Bangalore, and Chennai. It is exporting jewellery to international markets including Dubai, Australia, and the United States. This typically includes selling in bulk to retailers, wholesalers, or other corporations who use the jewellery as part of their product line. The Company has opened showroom cum office in Chennai in 2022.
The Company is planning an Initial Offer aggregating upto 67,11,000 Equity Shares of Face Value of Rs 10/- each comprising a Fresh Issue of 53,68,800 Equity Shares and 13,42,200 Equity Shares through Offer for Sale.
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T&C*
Strengths vs Risks of Pushpa Jewellers Ltd
Know the pros & cons
Strengths
Distinctive Brand Identity and Innovative Design.- Experience of its Promoters and senior management team.
- Quality assurance.
- Efficient Inventory Management.
- Safety, Security and Surveillance Systems.
Risks
- The company is supplying to certain key customers, from whom the company derives a significant portion of its revenues. The loss of any significant customer may have a material and adverse effect on its business and results of operations.
- Orders placed by customers may be delayed, modified or cancelled, which may have an adverse effect on its business, financial condition and results of operations
- The company is highly dependent on its suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of our raw materials, or an increase in its raw material costs and other input costs, may adversely affect the pricing and supply of the company products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company.
- A significant portion of its manufacturing relies on artisans or Karigars who operates independently, which could introduce it to potential risks stemming from any challenges or changes affecting their operations.
- Receiving orders verbally can raise the risk resulting in order discrepancies, customer dissatisfaction, and difficulties in scaling operations efficiently.
- Significant portion of its revenue has been generated from Southern states of India, any loss of business from these states may adversely affect the company revenues and profitability.
- Fluctuations in the market price of gold could influence its income, profitability and operational scale.
- Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
- The company is dependent on its promoters and senior management and other key personnel, and the loss of, or the company inability to attract or retain, such persons could affect our business, results of operations, financial condition and cash flows.
- The company is dependent on third party transportation providers for the delivery of its raw material and products. Accordingly, continuing increase in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may have an adverse effect on its business, financial condition, results of operations and prospects.
- Some of its Directors (including the company Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company, in addition to normal remuneration, other benefits and reimbursement of expenses.
- Cyber- attacks or other security breaches could have a material adverse effect on its business, results of operation or financial condition.
- Most of the Company Operated Showrooms/offices are located on premises leased to us by third parties. If the company is unable to renew its existing leases or secure new leases on commercially acceptable terms, or if the company fails to comply with the terms and conditions of the company leases, resulting in termination of its leases which may affect our business, financial condition and results of operations.
- Unsecured Loans.
- Its cost of production is exposed to fluctuations in the prices of the company major raw material.
- Fluctuations in foreign exchange rates can impact the cost of raw materials, exchange rate volatility can also affect revenue conversion and pricing competitiveness in foreign markets.
- The Company operations requires significant amount of working capital for a continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
- The company has taken guarantees from Promoters and members of Promoter Group in relation to debt facilities provided to it.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- Its contingent liabilities as stated in the company Restated Financial Statements could adversely affect its financial condition.
- Past allotments are below the issue price.
- The Company has negative cash flows from its operating activities majorly in the prior period, details of which are given below. Sustained negative cash flow could impact its growth and business.
- There have been several instances of delay in filing of GST, EPF and ESIC returns by the Company in the past.
- Trade Receivables forms a major part of its current assets. Failures to manage the company trade receivables could have an adverse effect on its sales, profitability, cash flow and liquidity.
- The Objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution.
- The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available from the online source.
- The company generally do business with its customers on short term order basis and does not enter into long- term contracts with most of them.
- Its business requires it to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect its business operations.
Pushpa Jewellers Ltd Peer Comparison
Understand the company’s industry standing
Pushpa Jewellers Limited
Sky Gold Limited
Khazanchi Jewellers Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
11.82
56.13
18.15
EPS-Diluted
11.82
56.13
18.15
NAV Per Share
30.84
336.63
93.52
P/E-Basic EPS
---
5.52
30.98
P/E-Diluted EPS
---
---
---
RONW(%)
38.34
16.67
19.41
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Pushpa Jewellers Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 30 Jun 2025 & closes on 02 Jul 2025.
Pushpa Jewellers Limited was originally incorporated on June 03, 2009 as a Private Limited Company in the name and style of 'Pushpa Jewellers Private Limited' vide Certificate of Incorporation issued by the Registrar of Companies, Kolkata. Later, the Company converted into a Public Limited Company and the name was changed to 'Pushpa Jewellers Limited' and a fresh Certificate of Incorporation dated July 29 , 2024 was issued by the Registrar of Companies, Central Processing Centre. Mr. Mridul Tibrewal, Mr. Anupam Tibrewal and Mr. Madhur Tibrewal are the Promoters of the Company. Mr. Mridul Tibrewal had acquired his initial holding of 1,150 Equity Shares on February 18, 2010 by way of allotment.
The Company is prominent jewellery maker in B2B with a presence across India. Their jewellery business includes the sale of wide range of Traditional and Modern Gold jewellery. The Company operate the manufacturing through Karigars engaged as Job Workers who are experienced in artistic work in carving and processing of plain and studded gold jewellery across Kolkata.
The main focus is in detailing and highlighting small areas minutely as the jewellery consists of some of the world's finest stones namely Emerald, Jade, Pearl and Meena. Currently, the Company operate 3 branches which are office cum showrooms in India, situated in Hyderabad, Bangalore, and Chennai. It is exporting jewellery to international markets including Dubai, Australia, and the United States. This typically includes selling in bulk to retailers, wholesalers, or other corporations who use the jewellery as part of their product line. The Company has opened showroom cum office in Chennai in 2022.
The Company is planning an Initial Offer aggregating upto 67,11,000 Equity Shares of Face Value of Rs 10/- each comprising a Fresh Issue of 53,68,800 Equity Shares and 13,42,200 Equity Shares through Offer for Sale.
Pushpa Jewellers Ltd IPO will close on 02 Jul 2025.
- Distinctive Brand Identity and Innovative Design.
- Experience of its Promoters and senior management team.
- Quality assurance.
- Efficient Inventory Management.
- Safety, Security and Surveillance Systems.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Anupam Tibrewal | 7069599 | 37.5 | 6566724 | 27.11 |
| 2 | Mridul Tibrewal | 11782908 | 62.5 | 10944783 | 45.18 |
| 3 | Madhur Tibrewal | --- | --- | --- | --- |
- The company is supplying to certain key customers, from whom the company derives a significant portion of its revenues. The loss of any significant customer may have a material and adverse effect on its business and results of operations.
- Orders placed by customers may be delayed, modified or cancelled, which may have an adverse effect on its business, financial condition and results of operations
- The company is highly dependent on its suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of our raw materials, or an increase in its raw material costs and other input costs, may adversely affect the pricing and supply of the company products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company.
- A significant portion of its manufacturing relies on artisans or Karigars who operates independently, which could introduce it to potential risks stemming from any challenges or changes affecting their operations.
- Receiving orders verbally can raise the risk resulting in order discrepancies, customer dissatisfaction, and difficulties in scaling operations efficiently.
- Significant portion of its revenue has been generated from Southern states of India, any loss of business from these states may adversely affect the company revenues and profitability.
- Fluctuations in the market price of gold could influence its income, profitability and operational scale.
- Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
- The company is dependent on its promoters and senior management and other key personnel, and the loss of, or the company inability to attract or retain, such persons could affect our business, results of operations, financial condition and cash flows.
- The company is dependent on third party transportation providers for the delivery of its raw material and products. Accordingly, continuing increase in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may have an adverse effect on its business, financial condition, results of operations and prospects.
- Some of its Directors (including the company Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company, in addition to normal remuneration, other benefits and reimbursement of expenses.
- Cyber- attacks or other security breaches could have a material adverse effect on its business, results of operation or financial condition.
- Most of the Company Operated Showrooms/offices are located on premises leased to us by third parties. If the company is unable to renew its existing leases or secure new leases on commercially acceptable terms, or if the company fails to comply with the terms and conditions of the company leases, resulting in termination of its leases which may affect our business, financial condition and results of operations.
- Unsecured Loans.
- Its cost of production is exposed to fluctuations in the prices of the company major raw material.
- Fluctuations in foreign exchange rates can impact the cost of raw materials, exchange rate volatility can also affect revenue conversion and pricing competitiveness in foreign markets.
- The Company operations requires significant amount of working capital for a continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
- The company has taken guarantees from Promoters and members of Promoter Group in relation to debt facilities provided to it.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- Its contingent liabilities as stated in the company Restated Financial Statements could adversely affect its financial condition.
- Past allotments are below the issue price.
- The Company has negative cash flows from its operating activities majorly in the prior period, details of which are given below. Sustained negative cash flow could impact its growth and business.
- There have been several instances of delay in filing of GST, EPF and ESIC returns by the Company in the past.
- Trade Receivables forms a major part of its current assets. Failures to manage the company trade receivables could have an adverse effect on its sales, profitability, cash flow and liquidity.
- The Objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution.
- The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available from the online source.
- The company generally do business with its customers on short term order basis and does not enter into long- term contracts with most of them.
- Its business requires it to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect its business operations.
The Issue type of Pushpa Jewellers Ltd is Book Building - SME.
The minimum application for shares of Pushpa Jewellers Ltd is 1000.
The total shares issue of Pushpa Jewellers Ltd is 6711000.
Initial public offer of upto 67,11,000* equity shares of face value of Rs. 10/- each ("Equity Shares") of Pushpa Jewellers Limited ("the Company") for cash at a price of Rs. [*] per equity share (including share premium of Rs. [*] per equity share) ("Offer Price"), aggregating up to Rs. [*] crores comprising a fresh issue of up to 53,70,000 equity shares aggregating up to Rs. [*] crores by the company ("Fresh Offer") and an offer for sale of up to 13,41,000 equiy shares aggregating up to Rs. [*] crores by the promoters selling shareholders, (the "Offered Shares") (the "Offer for Sale" and together with the fresh offer, the "Offer") of which upto 3,36,000 equity shares aggregating to Rs. [*] crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer less market maker reservation portion i.e., net offer of upto 6,37,5000 equity shares at an offer price of Rs. [*] per equity share aggregating to Rs. [*] crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 27.71% and 26.32%, respectively of the post offer paid up equity share capital of the company.
Price Band: Rs. 143 to Rs. 147 per equity share of face value of Rs. 10 each.
The floor price is 14.3 times of the face value and the cap price is 14.7 times of the face value.
Bids can be made for the minimum of 1000 equity shares and in multiples of 1000 equity shares thereafter.
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