Pushpa Jewellers IPO Sees Strong Pickup on Day 2; Subscribed 94% Led by Retail Surge
By Shishta Dutta | Updated at: Oct 27, 2025 12:00 PM IST
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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