Nityas Gems and Jewellery Limited, an integrated Surat-based manufacturer and omnichannel retailer specializing in lab-grown diamond (LGD) studded gold jewellery, has successfully concluded the bidding window for its initial public offering (IPO) on both the BSE and NSE mainboard exchanges. The public issue is an entirely 100% fresh equity issue of 1,44,56,000 equity shares of face value ₹5 each, aggregating up to ₹108.35 crore at the upper end of the price band.
Direct Answer / Key Takeaway:
The Nityas Gems & Jewellery IPO is a ₹108.35 crore 100% Fresh Issue priced between ₹70 and ₹75 per share (lot size: 200 shares, ₹15,000 minimum investment). Unlike offerings burdened by heavy promoter exits, zero shares are offered under an Offer for Sale (OFS), with ₹70 crore dedicated directly to working capital expansion. The company demonstrated phenomenal financial acceleration in FY26, with revenue skyrocketing 110% YoY to ₹203.33 crore and net profit (PAT) surging 128% to ₹22.32 crore, alongside an industry-beating 42.93% ROCE. The issue closed with an overall subscription of 2.26 times (Retail quota oversubscribed 4.07 times). The basis of allotment is being finalized today, October 6, 2026, with listing scheduled on October 8, 2026.
Capitalizing on India’s structural shift toward ethical, sustainable, and affordable lab-grown diamonds, Nityas Gems operates a synergistic dual engine: supplying prominent B2B institutional brands such as GIVA, Palmonas, and ONYA, while scaling its proprietary direct-to-consumer (D2C) brand, Ayaani Diamonds, across 10 retail storefronts in 8 Indian cities. Below is an exhaustive breakdown of the IPO dates, price band, live bidding demand, financials, peer comparison, growth moats, and strategic investment review.
1. Nityas Gems & Jewellery IPO Overview & Key Issue Details
The following table encapsulates the key structural parameters of the Nityas Gems and Jewellery public issue as detailed in the Red Herring Prospectus (RHP):
| Issue Parameter | Offer Specification |
|---|---|
| Company Name | Nityas Gems and Jewellery Limited |
| Issue Type | Book Building Mainboard IPO |
| Listing Exchanges | BSE & NSE (Mainboard) |
| Face Value | ₹5 per Equity Share |
| Price Band | ₹70 to ₹75 per Share |
| Issue Price (Cut-off) | ₹75 per Equity Share |
| Minimum Lot Size | 200 Equity Shares (₹15,000 at cut-off) |
| Total Issue Size (Shares) | 1,44,56,000 Equity Shares |
| Total Issue Size (Amount) | ₹108.35 Crore (at upper band) |
| Fresh Capital Issue | 1,44,56,000 Shares (₹108.35 Cr — 100% Fresh Issue) |
| Offer for Sale (OFS) | Nil (Zero promoter selling) |
| Employee Reservation | 1,00,000 Shares (Discount: ₹7.00 per share) |
| Pre-Issue Paid-up Capital | 4,31,37,248 Equity Shares (₹323.53 Cr valuation) |
| Post-Issue Paid-up Capital | 5,75,93,248 Equity Shares (₹431.95 Cr Market Cap) |
| Promoter Holding (Pre-Issue) | 58.10% |
| Promoter Holding (Post-Issue) | 43.51% |
| QIB Allocation | 71,78,000 Shares (~50.00% of Net Offer) |
| Retail Individual Investors (RII) | 50,24,600 Shares (~35.00% of Net Offer) |
| Non-Institutional Investors (NII/HNI) | 21,53,400 Shares (~15.00% of Net Offer) |
| Book Running Lead Manager (BRLM) | Choice Capital Advisors Private Limited |
| Registrar to the Offer | Bigshare Services Private Limited |
2. Official IPO Timetable & Schedule
The public bidding window closed on October 5, 2026. The key lifecycle milestones and tentative dates are outlined below:
| IPO Milestone Event | Official Date | Current Status |
|---|---|---|
| IPO Opening Date | Wednesday, September 30, 2026 | Completed |
| IPO Closing Date | Monday, October 5, 2026 | Closed (2.26x Subscribed) |
| Finalization of Basis of Allotment | Tuesday, October 6, 2026 | In Progress (Today) |
| Initiation of Refunds | Wednesday, October 7, 2026 | Upcoming |
| Credit of Shares to Demat Accounts | Wednesday, October 7, 2026 | Upcoming |
| Official Listing Date on BSE & NSE | Thursday, October 8, 2026 | Tentative Listing Debut |
3. Final Subscription Demand Breakdown (Day 3 Close)
The Nityas Gems & Jewellery IPO generated healthy retail and high-net-worth investor participation, receiving a total of 87,398 applications and bidding for 3,27,12,800 equity shares against 1,44,56,000 shares on offer:
| Investor Category | Shares Offered | Shares Bid For | Subscription Multiple (x) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 71,78,000 | 75,75,600 | 1.06x |
| Non-Institutional Investors (NII) | 21,53,400 | 44,11,800 | 2.05x |
| – bNII (Bids > ₹10 Lakh) | 14,35,600 | 22,42,400 | 1.56x |
| – sNII (Bids < ₹10 Lakh) | 7,17,800 | 21,69,400 | 3.02x |
| Retail Individual Investors (RII) | 50,24,600 | 2,04,43,600 | 4.07x |
| Employee Reservation | 1,00,000 | 2,81,800 | 2.82x |
| Total Public Issue | 1,44,56,000 | 3,27,12,800 | 2.26x |
4. Business Profile & Competitive Moats
Incorporated in April 2022, Nityas Gems and Jewellery Limited has rapidly established itself as a fast-growing player in India’s modern jewellery landscape, focusing on lab-grown diamond (LGD) studded gold jewellery. Unlike traditional mined diamonds, lab-grown diamonds possess identical chemical, physical, and optical properties while being eco-friendly, conflict-free, and available at a 70%–80% price discount, fueling mass consumer adoption among Gen-Z and millennial buyers.
1. In-House Manufacturing Hub in Surat
The company operates an advanced manufacturing facility in Surat, Gujarat—the global hub of diamond processing. The campus integrates raw material procurement, computer-aided design (CAD), 3D prototyping, casting, diamond setting, and laser finishing. As of August 31, 2026, Nityas employs 192 full-time staff, including 122 skilled in-house karigars and 29 jewellery designers, significantly minimizing reliance on external job workers and ensuring rigorous quality oversight.
2. Dual B2B & D2C Omnichannel Engine
- B2B Institutional Supply: Nityas serves as a trusted white-label and design manufacturing partner to marquee contemporary jewellery brands including GIVA, Palmonas, ONYA, and Ladia Diamonds. It distributes products across 18 Indian states, 2 Union Territories, and exports to the UAE, Australia, Canada, Taiwan, and Kenya.
- D2C Consumer Brand (Ayaani): In July 2025, Nityas acquired Ayaani Diamonds and Jewellery Private Limited. Ayaani operates a direct-to-consumer digital portal and 10 physical retail boutiques across 8 tier-1 and tier-2 Indian cities through company-operated and franchise-operated formats.
3. Comprehensive Product Portfolio
The company’s portfolio encompasses daily-wear, lightweight, occasion-based, and customized jewellery—including rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks, and bangles—engineered primarily in 14K and 18K gold studded with certified lab-grown diamonds.
5. Extraordinary Financial Performance (FY24 – FY26)
Nityas Gems has delivered extraordinary three-year exponential financial growth, driven by rapid capacity ramp-up and expanding retail brand distribution:
| Financial Metric (₹ in Crore) | FY24 (31 Mar 2024) | FY25 (31 Mar 2025) | FY26 (31 Mar 2026) | YoY Growth (FY26) |
|---|---|---|---|---|
| Total Income / Revenue | ₹53.66 Cr | ₹96.85 Cr | ₹203.33 Cr | +110.0% |
| Operating EBITDA | ₹5.48 Cr | ₹12.90 Cr | ₹30.97 Cr | +140.1% |
| EBITDA Margin (%) | 10.21% | 13.32% | 15.27% | +195 bps |
| Profit After Tax (PAT) | ₹4.02 Cr | ₹9.79 Cr | ₹22.32 Cr | +128.0% |
| PAT Margin (%) | 7.49% | 10.11% | 11.00% | +89 bps |
| Total Assets | ₹11.75 Cr | ₹39.87 Cr | ₹116.42 Cr | +192.0% |
| Consolidated Net Worth | ₹5.33 Cr | ₹22.57 Cr | ₹79.43 Cr | +251.9% |
| Total Borrowings | ₹3.26 Cr | ₹7.11 Cr | ₹9.08 Cr | Low Debt |
| Debt-to-Equity Ratio | 0.61x | 0.32x | 0.29x | Deleveraging |
Key Financial Indicators (as of March 31, 2026)
- Return on Capital Employed (ROCE): 42.93% — demonstrating top-tier capital allocation efficiency.
- Return on Net Worth (RoNW): 43.75% — highlighting exceptional return generation on shareholder equity.
- Pre-Issue EPS: ₹5.17 | Post-Issue Diluted EPS: ₹3.87 (face value ₹5).
- Pre-Issue P/E: 14.51x | Post-Issue P/E: 19.38x (based on cut-off price ₹75).
- Net Asset Value (NAV): ₹15.13 per share | Price-to-Book (P/B): 4.96x.
6. Listed Peer Comparison & Valuation Analysis
To evaluate the pricing of Nityas Gems & Jewellery IPO, its operating and valuation multiples are benchmarked against comparable listed gems, jewellery, and luxury accessories companies:
| Company Name | Issue Type / Exchange | P/E Ratio (x) | Issue Price (₹) | Listing Day Gain (%) | RoNW (%) |
|---|---|---|---|---|---|
| Nityas Gems & Jewellery Ltd. | Mainboard (BSE/NSE) | 19.38x (Post) | ₹75 | Listing Oct 8 | 43.75% |
| Deepa Jewellers Ltd. | Mainboard | 13.85x | ₹177 | +9.81% | 18.40% |
| Priority Jewels Ltd. | Mainboard | 15.21x | ₹200 | +20.75% | 19.10% |
| Advit Jewels Ltd. | Mainboard | 18.41x | ₹138 | +30.04% | 22.50% |
| PNGS Reva Diamond Jewellery | Mainboard | 10.96x | ₹386 | +6.66% | 16.80% |
| Shankesh Jewellers Ltd. | Mainboard | 10.24x | ₹93 | +1.96% | 15.20% |
| Lalithaa Jewellery Mart Ltd. | Mainboard | 9.95x | ₹201 | +23.60% | 24.10% |
Valuation Verdict: At an upper price band of ₹75, Nityas Gems commands a post-issue P/E multiple of 19.38x. While this sits at a modest premium compared to traditional gold wholesalers trading around 10x–15x P/E, it is justified by Nityas’ substantially higher growth rate (+110% YoY revenue, +128% PAT), superior margins (15.27% EBITDA vs 5%–8% for typical gold retailers), and higher return ratios (43.75% RoNW).
7. Objects of the Issue (Use of Proceeds)
Because the offering is a 100% Fresh Issue, the entire gross proceeds of ₹108.35 crore will flow directly into the corporate treasury. The company has earmarked the capital for the following strategic objectives:
- Funding Working Capital Requirements (₹70.00 Crore): Jewellery manufacturing is an inventory-intensive business requiring gold metal loans, raw lab-grown diamond crystals, and buffer stock across the Ayaani retail network. Expanding working capital will immediately scale order fulfillment for B2B clients like GIVA and Palmonas.
- General Corporate Purposes: Supporting brand marketing campaigns, technological integration, digital storefront scaling, and store expansion.
8. SWOT Analysis: Strengths, Weaknesses, Opportunities & Threats
Strengths
- 100% Fresh Capital: No promoter profit-taking via OFS; proceeds fund working capital directly.
- Stellar Capital Efficiency: Industry-leading ROCE of 42.93% and RoNW of 43.75%.
- High-Profile Client Base: Trusted manufacturing partner to top D2C jewellery leaders (GIVA, Palmonas).
- In-House Craftsmanship: 122 karigars and 29 designers based in Surat ensure rapid turnaround.
Risks & Threats
- LGD Price Volatility: Continued decline in raw lab-grown diamond production costs could pressure inventory valuations.
- Short Operational History: Incorporated in 2022, the company has operated for approximately 4 years.
- Gold Price Exposure: Fluctuations in physical gold rates directly impact raw material procurement and working capital cycles.
- Customer Concentration: Top B2B accounts contribute a significant share of institutional revenue.
9. Grey Market Premium (GMP) & Listing Expectations
Following the final subscription tally of 2.26x on Day 3, grey market sentiment for Nityas Gems & Jewellery indicates moderate listing expectations. Unofficial grey market premium (GMP) quotes are hovering around ₹4 to ₹8 per share, suggesting an estimated listing range between ₹79 and ₹83 per share (a projected listing gain of 5% to 11%).
Live tracking of daily subscription numbers, anchor investor allotments, and broker recommendations is available on the Chittorgarh Nityas Gems & Jewellery IPO Portal.
10. How to Check Nityas Gems & Jewellery IPO Allotment Status
With the basis of allotment being finalized today, October 6, 2026, investors can verify their application status through two official avenues:
- Via Bigshare Services (Registrar Portal):
- Visit the official Bigshare IPO allotment status page.
- Select Nityas Gems and Jewellery Limited from the dropdown menu.
- Choose your search mode: Application Number, PAN Number, or DP/Client ID.
- Enter the relevant identification details, solve the captcha, and click Submit to view allotted shares.
- Via BSE India Allotment Page:
- Navigate to BSE India > Investors > Status of Issue Application.
- Select Issue Type as Equity and select Nityas Gems & Jewellery Ltd.
- Input your PAN card number and application number to verify status.
11. Final Investment Review & Verdict
Nityas Gems and Jewellery Limited stands out as a unique pure-play proxy on India’s accelerating lab-grown diamond boom. Key investment highlights include:
- Clean Capital Structure: A 100% fresh equity infusion ensures the ₹108 crore proceeds will drive capacity and revenue expansion rather than enriching early investors.
- Explosive Growth Velocity: 110% YoY top-line growth and 128% bottom-line expansion in FY26 demonstrate strong demand from millennial and Gen-Z demographics.
- Healthy Financial Ratios: 42.9% ROCE, low leverage (0.29x D/E), and expanding operating margins (15.27%) provide strong fundamental support.
Verdict: With the issue safely oversubscribed 2.26 times and retail subscription at 4.07x, allotted investors can look forward to reasonable listing-day gains alongside solid medium-to-long-term prospects as the lab-grown diamond sector gains formal organized market share.
12. Frequently Asked Questions (FAQs)
When will Nityas Gems & Jewellery IPO shares be listed?
Nityas Gems & Jewellery shares are scheduled to list on Thursday, October 8, 2026, on both the BSE and NSE mainboard segments.
What is the total issue size and price band of Nityas Gems IPO?
The IPO has a total issue size of ₹108.35 crore consisting of 1,44,56,000 equity shares (100% fresh issue) with a price band of ₹70 to ₹75 per share.
How much was the Nityas Gems IPO subscribed?
The public issue was subscribed 2.26 times overall, with the retail category subscribed 4.07 times, NII subscribed 2.05 times, and QIB subscribed 1.06 times.
When is the allotment date for Nityas Gems IPO?
The basis of allotment is finalized on Tuesday, October 6, 2026. Refunds and credit of shares to demat accounts will occur on Wednesday, October 7, 2026.
Who is the registrar for Nityas Gems & Jewellery IPO?
Bigshare Services Private Limited is the official registrar managing the allotment and refund process.
What are the key B2B customers of Nityas Gems?
Nityas supplies lab-grown diamond gold jewellery to prominent retail brands including GIVA, Palmonas, ONYA, and Ladia Diamonds.
What was Nityas Gems’ FY26 revenue and profit?
In FY26, the company recorded total income of ₹203.33 crore (+110% YoY), operating EBITDA of ₹30.97 crore (15.27% margin), and PAT of ₹22.32 crore (+128% YoY).
Disclaimer: This publication is prepared solely for informational, journalistic, and educational purposes based on Red Herring Prospectus (RHP) filings, stock exchange records, and Chittorgarh portal disclosures. Udaipur Mirror is not a SEBI-registered research analyst or investment advisor. Stock market and IPO investments involve substantial financial risk. Please consult an independent certified financial advisor before making investment commitments.