Priority Jewels
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 39.87×
- Big non-institutionalbNII · above ₹10 lakh
- 152.22×
- Small non-institutionalsNII · ₹2–10 lakh
- 194.18×
- Retail individualRII · up to ₹2 lakh
- 103.44×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Sept 2026 | ₹28 | +14.00% | ₹1,600 | ₹228 | ₹2,100 |
| 03 Sept 2026 | ₹28 | +14.00% | ₹1,600 | ₹228 | ₹2,100 |
| 02 Sept 2026 | ₹30 | +15.00% | ₹1,700 | ₹230 | ₹2,250 |
| 01 Sept 2026 | ₹31 | +15.50% | ₹1,800 | ₹231 | ₹2,325 |
| 31 Aug 2026 | ₹45 | +22.50% | ₹2,600 | ₹245 | ₹3,375 |
| 30 Aug 2026 | ₹45 | +22.50% | ₹2,600 | ₹245 | ₹3,375 |
| 29 Aug 2026 | ₹45 | +22.50% | ₹2,600 | ₹245 | ₹3,375 |
| 28 Aug 2026 | ₹45 | +22.50% | ₹2,600 | ₹245 | ₹3,375 |
| 27 Aug 2026 | ₹37 | +18.50% | ₹2,100 | ₹237 | ₹2,775 |
| 26 Aug 2026 | ₹20 | +10.00% | ₹1,100 | ₹220 | ₹1,500 |
| 25 Aug 2026 | ₹30 | +15.00% | ₹1,700 | ₹230 | ₹2,250 |
| 24 Aug 2026 | ₹28 | +14.00% | ₹1,600 | ₹228 | ₹2,100 |
| 23 Aug 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 28 Aug 2026 – 01 Sept 2026
- Listing date
- 04 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹190 – ₹200
- Lot size
- 75 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹91.5 Cr
- Fresh issue
- ₹91.5 Cr 45,75,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹360 Cr
- Promoter holding
- 93.85% → 70.00% pre-issue → post-issue
- ISIN
- INE15EH01014
- CIN
- U52393MH2007PLC174977
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Mefcom Capital Markets Ltd.
- Registered office
- Plot No. 121, Street No.15/18 MIDC, Andheri (East), Mumbai City, Mumbai 400 093, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 9,15,000 | 28.57% | 28.57% |
| Anchor investor · within QIB | 13,72,500 | — | 42.86% |
| NII (HNI) | 6,86,250 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 4,57,500 | — | 14.29% |
| sNII < ₹10L · within NII | 2,28,750 | — | 7.14% |
| Retail (RII) | 16,01,250 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 32,02,500 | — | 100.00% |
Net offer to the public of 32,02,500 shares, out of a total issue of 32,02,500. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 75 shares per lot, in multiples, at ₹200
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 75 | ₹15,000 |
| Retail (max) | 13 | 975 | ₹1,95,000 |
| S-HNI (min) | 14 | 1,050 | ₹2,10,000 |
| S-HNI (max) | 66 | 4,950 | ₹9,90,000 |
| B-HNI (min) | 67 | 5,025 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹200 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.15 | 14.39 |
| P/E (×) | 15.21 | 13.90 |
| Price to book (×) | 1.94 | — |
| Market cap | — | ₹360 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 12.73%
- ROCE
- 13.00%
- Debt / equity
- 0.74
- PAT margin
- 3.27%
- EBITDA margin
- 6.24%
- NAV per share
- ₹103.3
- Price to book
- 1.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 539.03 | 435.87 | 410.61 |
| Revenue from operations | 538.95 | 435.5 | 410.51 |
| Other income | 0.08 | 0.37 | 0.11 |
| Total expenses | 515.55 | 420.88 | 400.97 |
| Operating profit | 23.48 | 14.99 | 9.64 |
| Operating margin | 4.36% | 3.44% | 2.35% |
| Profit before tax | 23.47 | 14.99 | 9.65 |
| Profit after tax | 17.65 | 10.51 | 7.15 |
| PAT margin | 3.27% | 2.41% | 1.74% |
| Balance sheet | |||
| Total assets | 291.95 | 309.14 | 268.99 |
| Current assets | 272.06 | 288.53 | 250.24 |
| Current liabilities | 138.69 | 201.28 | 169.02 |
| Total liabilities | 153.35 | 204.25 | 174.21 |
| Net worth | 138.61 | 104.89 | 94.78 |
| Current ratio | 1.96× | 1.43× | 1.48× |
| Return on equity | 12.73% | 10.02% | 7.54% |
| Cash flow | |||
| Operating cash flow | 17.69 | 2.51 | -1.82 |
| Investing cash flow | 17.59 | -18.72 | 4.6 |
| Financing cash flow | -34.93 | 13.3 | -12.37 |
| Net cash flow | 0.35 | -2.91 | -9.59 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment of certain working capital borrowings ₹75 Cr
The company proposes to utilize the Net Proceeds for repayment or prepayment, in full or in part, of certain working capital borrowings availed by the company. This will help reduce outstanding indebtedness and debt servicing costs, enabling utilization of internal accruals for further business growth and expansion.
2 General corporate purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including brand building and marketing efforts, funding growth opportunities, meeting expenses for strategic initiatives, partnerships, tie-ups or acquisitions, and meeting exigencies in ordinary course of business.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Priority Jewels
Priority Jewels Limited is engaged in designing, manufacturing and sale of a wide range of light-weight, affordable diamond-studded gold and platinum fine jewellery. The company sells directly to independent jewellers and jewellery chains in India as well as select international markets, supplying products to major retail chains including CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited. Incorporated in 2007, the company has over 16 years of experience in the jewellery manufacturing industry with two manufacturing facilities in Mumbai spanning 19,008.79 square feet and 6,821.84 square feet respectively.
Management
Shailesh Sangani
MD
Tushar Mehta
CFO
Strengths
As stated in the offer document
Diversified product portfolio supported by design capabilities and customer-centric approach
The company offers a broad range of jewellery products within the aspirational yet affordable segment, with an in-house design team that developed 4,168, 8,356, 6,401, and 5,231 jewellery designs for the three months ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively.
Integrated manufacturing facilities and established operational systems
The company operates integrated manufacturing facilities spanning 19,008.79 square feet in MIDC and 6,821.84 square feet in SEEPZ, Mumbai, with manufacturing capacity of approximately 700 kgs per annum and around 58% utilization across the last three Fiscals.
Experienced Promoters and leadership team
The company's Promoters, Shailesh Sangani and Tushar Mehta, bring over three decades of experience in the gems and jewellery industry, with Shailesh Sangani receiving the Hall of Fame Award from GJEPC in 2024.
Longstanding relationships with customers
The company has established relationships with diverse customers who have repeatedly chosen their products, with some relationships extending to around 8-16 years, providing stable recurring revenue streams and high customer retention.
Strong presence across domestic and international markets
The company's geographical customer distribution spans 18 states and 3 union territories in India and 8 countries outside India, with revenue from overseas markets constituting 49.56% for the three months ended June 30, 2026.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derived 53.19% of revenue from its top ten customers for the period ended June 30, 2026, with 33.36% from top five customers. Loss of such customers or reduction in business from them could have a significant adverse impact on business and results of operations.
Raw Material Cost and Availability Risk
The cost of raw materials consumed as a percentage of total expenses was 108.13% for three months ended June 30, 2026. The company does not have long-term agreements for supply of raw materials, and any disruption in procurement could adversely impact production schedules and costs.
Supplier Concentration Risk
The company purchased 59.40% of total raw materials from top 10 suppliers for three months ended June 30, 2026, with top 3 suppliers contributing 34.85%. Continued dependence on concentrated supplier base may adversely affect supply chain efficiency and business operations.
Export Market Concentration Risk
Export sales accounted for 49.56% of revenues for three months ended June 30, 2026, with 40.65% of total export revenues from the largest jurisdiction. The company is exposed to international market risks including currency fluctuations, geopolitical instability, and trade policy changes.
Geographic Revenue Concentration Risk
The company derived 58.19% of total domestic revenue from Maharashtra for three months ended June 30, 2026. Loss of customers and revenue in Maharashtra could materially affect business operations and financial condition.
Single Business Segment Risk
The company operates in a single business segment of designing, manufacturing, and selling jewellery. Any adverse developments in the jewellery industry could have a material adverse effect on business and financial condition without diversification to mitigate risks.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Priority Jewels THIS ISSUE | 14.03 | 103.30 | 13.90, computed at the offer price | 1.94, computed at the offer price | 12.73% |
| 36.10 | 129.13 | 22.24 | 6.22 | 27.98% | |
| 13.70 | 74.96 | 10.08 | 1.86 | 18.28% | |
| 0.56 | 5.00 | 7.02 | 0.60 | 11.13% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.