Pushpa Jewellers IPO Sees Strong Pickup on Day 2; Subscribed 94% Led by Retail Surge

Authored By Shishta Dutta | Last Modified: Oct 27, 2025 12:00 PM IST

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Kolkata, July 1, 2025 – Demand for Pushpa Jewellers Limited’s IPO increased significantly on Day 2 of bidding, with 94% of the shares subscribed as of 3:48 p.m. Strong participation from regular investors and a notable increase in interest from high-net-worth individuals (HNIs) drove bids for 54.24 lakh shares versus the net offer size of 57.55 lakh shares.

Day 2 Bidding Summary (As on July 1, 2025 – 15:48 IST)

Category	Applications	Shares Bid	Reserved Shares	Subscription
Qualified Institutional Buyers (QIBs)	5	19,77,000	31,87,000	0.62x
• FIIs	3	6,83,000	—
• Others	2	12,94,000	—
Non-Institutional Investors (HNIs)	147	7,65,000	9,57,000	0.80x
Retail Individual Investors (RIIs)	2,682	26,82,000	22,31,000	1.20x
• Cut-off Bids	1,971	19,71,000
• Price Bids	711	7,11,000
Total	2,834	54,24,000	57,55,000	0.94x

Key Highlights

Retail Category Oversubscribed: With 2,682 applications, retail bids crossed 120% of their quota, marking a robust turnaround after a sluggish Day 1.
HNI Demand Builds: The HNI/NII category jumped to 80% subscription from a negligible 2% earlier, with 147 bids placed for 7.65 lakh shares.
QIB Interest Remains Steady: Total QIB demand rose to 19.77 lakh shares, led by institutional funds under the “Others” sub-segment.

IPO Timeline Recap

Price Band: ₹143 – ₹147
Lot Size: 1,000 shares
Issue Closes: July 2, 2025
Platform: NSE Emerge
Total Offer Size: 67.11 lakh shares (incl. 3.36 lakh for Market Maker)
Net Public Offer: 57.55 lakh shares

Outlook

Pushpa Jewellers is in a strong position to receive a complete subscription with only one day remaining. Momentum has been rekindled by the retail oversubscription and robust HNI recovery on Day 2. Determining the amount of oversubscription will now depend heavily on final-day activity from institutional anchors and QIBs.

A full subscription or oversubscription would showcase strong investor confidence in Pushpa’s business-to-business (B2B) gold jewellery firm, which exports to Dubai, the United States, and Australia.

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