Priority Jewels IPO subscribed 21.23 times on Day 2; check latest GMP, other key details

The initial public offering (IPO) of Priority Jewels Ltd continued to attract strong investor interest on the second day of bidding, with the issue subscribed 21.23 times on Monday, August 31, according to stock exchange data.

The company received bids for 6,79,75,050 equity shares against the 32,02,500 shares on offer.

The retail investor portion was subscribed 28.68 times, while the non-institutional investor (NII) portion saw subscription of 31.37 times. The qualified institutional buyer (QIB) portion was subscribed 0.57 times.

The IPO opened for subscription on Friday, August 28, and will close on Tuesday, September 1. The company had raised nearly Rs 27.5 crore from anchor investors a day before the issue opened.

Priority Jewels IPO: Brokerage view

Brokerages including Adroit Financial, Anand Rathi, BP Wealth and GEPL Capital have assigned a 'Subscribe' rating to the IPO.

Anand Rathi noted that the company primarily caters to independent jewellers and jewellery chains in India, while also serving select overseas markets.

At the upper end of the price band, the brokerage said the issue is valued at 20.5 times price-to-earnings (P/E) and 13.9 times enterprise value to EBITDA (EV/EBITDA), based on FY26 earnings. It recommended subscribing to the issue for the long term, citing the company's positioning in the affordable and designer jewellery segment.

BP Wealth said Priority Jewels has a portfolio spanning daily-wear products such as rings, earrings, pendants, neckwear and bracelets, besides occasion and couture jewellery. The brokerage highlighted the company's focus on contemporary designs, modern aesthetics and affordability. It also noted that Priority Jewels manufactures lab-grown diamond jewellery against specific customer orders.

At the upper price band of Rs 200, BP Wealth valued the company at 14.3 times P/E based on FY26 earnings. The brokerage recommended subscribing to the IPO for the medium to long term, citing the company's historical growth, margin profile, scalable business model and the growth potential of the jewellery industry.

Priority Jewels IPO: Latest GMP

In the grey market, Priority Jewels IPO was commanding a premium of around 22.50 per cent at the latest available check.

The grey market premium (GMP) is an unofficial indicator of investor sentiment and is not regulated by stock exchanges or market regulator Sebi. It should not be treated as a guaranteed listing gain or an indication of the stock's actual listing price.

The IPO has a price band of Rs 190-200 per share. At the upper end of the price band, a GMP of 22.50 per cent translates into a premium of about Rs 45 per share.

The final listing price, however, will be determined by market conditions and demand for the shares when they begin trading on the exchanges.

Priority Jewels designs, manufactures and sells lightweight, affordable diamond-studded gold and platinum jewellery. Its products are sold directly to independent jewellers and jewellery chains in India, along with select international markets.