₹67.11 Cr Pushpa Jewellers IPO Opens June 30: Investment Entry from ₹1.47 Lakh on NSE Emerge
By Ankur Chandra | Updated at: Jun 26, 2025 04:35 PM IST
Mumbai, 26 June 2025: Pushpa Jewellers Limited will launch its SME Initial Public Offering (IPO) on NSE Emerge from June 30 to July 2, targeting a total issue size of 67,11,000 equity shares. The price band is set at ₹143 to ₹147 per share, with investors required to apply in lots of 1,000 shares. This means the minimum application amount at the upper band stands at ₹1,47,000.
IPO Composition and Price Details
The offering includes a fresh issue of 53,70,000 shares, alongside an Offer for Sale (OFS) of 13,41,000 shares from the promoters Mr. Anupam Tibrewal and Mr. Mridul Tibrewal. Each share carries a face value of ₹10. The IPO is structured through the book-building process as per Regulations 229(2) and 253(1) of Chapter IX of the SEBI ICDR Regulations, 2018.
Share Allocation Across Investor Categories
| Category | No. of Shares | Allocation (%) |
|---|---|---|
| QIB (including Anchor) | Up to 31,87,000 | ≤ 50% |
| Anchor Investors | Up to 9,56,000 | (of QIB portion) |
| Non-Institutional Investors | 9,57,000 | ≥ 15% |
| Retail Investors | 22,31,000 | ≥ 35% |
| Market Maker | 3,36,000 | Reserved |
| Total Offer | 67,11,000 | 100% |
Source: Red Herring Prospectus, p. 69–74
Shareholding Pattern (Pre & Post Offer)
| Category | Pre-Offer Holding | Post-Offer Holding (Est.) |
|---|---|---|
| Promoters | 100% (1.88 Cr) | 77.9% (approx.) |
| Public | 0.00% | 22.1% (via IPO) |
| Total Shares | 1.88 Cr | 2.42 Cr |
Note: Exact post-issue dilution subject to final allotment and pricing.
Financial Highlights (Standalone)
| ₹ in Lakhs | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from Operations | 27,996.47 | 25,381.91 | 16,407.91 |
| Net Profit | 2,228.63 | 1,357.71 | 814.39 |
| EPS (Basic/Diluted) | ₹11.82 | ₹7.20 | ₹4.32 |
| Net Worth | ₹5,813.53 | ₹3,607.55 | ₹2,249.84 |
| Total Borrowings | ₹2,192.57 | ₹825.84 | ₹1,479.44 |
Source: RHP, p. 34 & 73
Objects of the Issue
The company plans to utilise net proceeds from the fresh issue as follows:
| Purpose | Amount (₹ in Lakhs) |
|---|---|
| Working capital requirements | ₹4,539.39 |
| New showroom setup (Capex + Inventory) | ₹535.60 |
| General corporate purposes | [To be finalised] |
| Offer-related expenses | [To be finalised] |
Source: RHP, p. 33
Key Promoter Selling and Cost of Acquisition
| Promoter | Shares Offered in OFS | Weighted Avg Cost per Share |
|---|---|---|
| Mridul Tibrewal | 8,38,125 | ₹1.24 |
| Anupam Tibrewal | 5,02,875 | ₹2.06 |
As per CA certificate dated May 30, 2024 (RHP, p. 1)
Company Profile and Operations
Headquartered in Kolkata, Pushpa Jewellers Limited is a B2B gold jewellery wholesaler, with a notable presence in Hyderabad, Chennai, and Bengaluru. The product range includes both classic and modern gold ornaments, often enhanced with premium gemstone work. These offerings cater to domestic and international buyers, including those in Dubai, the USA, and Australia. The jewellery is crafted by skilled artisans in Kolkata, though the company outsources manufacturing.
Listing Details and Intermediaries
- Listing Platform: NSE Emerge
- Book Running Lead Manager: Affinity Global Capital Market Pvt. Ltd.
- Registrar: Cameo Corporate Services Ltd.
- Market Maker: Sunflower Broking Pvt. Ltd.
About Pushpa Jewellers Limited IPO
Originally established in 2009, the company transitioned into a public limited entity in 2024. Registered under CIN: U27310WB2009PLC135593, it focuses on delivering quality gold jewellery and plans further expansion with new retail outlets in Vijayawada and beyond.
IPO Schedule and Application Details
The Pushpa Jewellers IPO window will be open from Monday, June 30 to Wednesday, July 2, while anchor investor bidding is scheduled for June 27, 2025. Applications can be submitted via ASBA or UPI-enabled platforms through authorised intermediaries.
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