Advit Jewels To Use IPO Proceeds for Debt Repayment, Retail Expansion: CMD

Kolkata: Jaipur-based jewellery manufacturer Advit Jewels Ltd plans to become debt-free and aggressively expand its consumer-facing business under the Rambhajo brand through the proceeds of its upcoming initial public offering (IPO), Chairman and Managing Director Nitin Gilara said.

The company is raising about Rs 165 crore through a fresh issue of shares, of which Rs 65 crore will be utilised for repayment of borrowings, while the remaining funds will be deployed towards expansion of its business-to-consumer (B2C) operations, an official said at the roadshow in the city.

“After repayment of debt, the company will become debt-free. The focus thereafter will be on scaling up our B2C business in a significant manner,” Gilara told PTI.

Advit Jewels, which currently operates predominantly in the business-to-business (B2B) segment supplying dealers, showrooms and jewellery retailers, plans to establish around 30 Rambhajo-branded stores over the next three years through the franchisee route across metropolitan centres and tier-II cities.

The company specialises in handcrafted Kundan, Polki, diamond and studded jewellery and caters largely to the ultra-premium wedding market.

Gilara said Rambhajo’s Kundan and Polki collections are targeted at the top one per cent of wedding customers, where jewellery purchases for weddings often exceed Rs 3 crore to Rs 4 crore.

“This is a highly exclusive and niche segment. Our customers are looking for bespoke heritage jewellery and are willing to invest substantially in wedding collections,” he said.

Gilara said Rajasthan’s jewellery manufacturing ecosystem employs artisans from different parts of the country, including a considerable number of Bengalis known for their craftsmanship in intricate jewellery making.

Advit Jewels manufactures jewellery under its Rambhajo brand from its Jaipur facility and is known for customised Kundan and Polki creations. The company designs unique pieces blending traditional craftsmanship with contemporary aesthetics and caters to both domestic retailers and high-net-worth individual clients.

According to its red herring prospectus, the IPO will open for subscription on June 23 and close on June 25, with a price band of Rs 130-138 per equity share. The company reported revenue from operations of Rs 123.79 crore and a net profit of Rs 25.44 crore during the nine months ended December 2025.

The company is also constructing its flagship retail store in Jaipur as part of its strategy to strengthen its direct-to-consumer presence.

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