Priority Jewels Sets Price Band at ₹190–₹200 for ₹91.50-Crore IPO

Jewellery designer and manufacturer Priority Jewels Limited has announced the details of its maiden initial public offering (IPO), valued at ₹91.50 crore. The public issue is set to open for subscription on Friday, August 28, 2026, and will close on Tuesday, September 1, 2026.

The company has fixed the price band at ₹190 to ₹200 per equity share, with a face value of ₹10 each. Investors can bid for a minimum lot of 75 equity shares and in multiples of 75 shares thereafter. The offer is being conducted through a book-building process, allocating not more than 50% of the net offer to qualified institutional buyers, at least 15% to non-institutional bidders, and not less than 35% to retail individual bidders.

Ahead of the public subscription, Priority Jewels raised ₹27.45 crore from anchor investors by allocating 13,72,500 equity shares at ₹200 per share. Participating anchor institutions include Whiteoak Capital Equity Fund, Sanshi Fund - I, Plutus Investment Trust - Plutus Equity Investments Series, and Khandelwal Finance Private Limited.

The total issue size stands at ₹91.50 crore, which includes a fresh issuance worth ₹75 crore. According to the company's filings, the net proceeds from the fresh issue will be utilized primarily for the full or partial repayment or pre-payment of certain working capital borrowings, alongside general corporate purposes. Mefcom Capital Markets Limited is serving as the book-running lead manager, while MUFG Intime India Private Limited is the registrar for the offer. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and BSE Limited.

Incorporated in 2007, Priority Jewels designs, manufactures, and sells light-weight, affordable diamond-studded gold and platinum fine jewellery. The company supplies directly to independent jewellers and major retail chains in India and select international markets. Its client roster includes prominent names such as CaratLane Trading, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri, and Senco Gold.

The company's product portfolio covers daily wear pieces including rings, earrings, pendants, neckwear, bracelets, and occasion couture jewellery. As of June 30, 2026, Priority Jewels maintained a customer base of over 200 clients, comprising 125 independent jewellers and 53 jewellery chains. Its market presence extends across 21 states and 3 union territories in India, while its export footprint spans 13 countries including the United States, UAE, Hong Kong, and Norway, largely catering to the overseas stores of Indian jewellery chains.

For the quarter ending June 30, 2026, the company reported revenue from operations of ₹146.7 crore and a net profit of ₹6.4 crore. For the full fiscal year 2026, revenue from operations reached ₹538.9 crore compared to ₹410.5 crore in FY24, while net profit rose to ₹17.6 crore from ₹7.1 crore in FY24. Based on FY26 earnings and the upper price band, the issue is valued at 20.5x P/E and 13.9x EV/EBITDA, representing a post-issue market capitalization of ₹3,600 million.

"Priority Jewels launching its ₹91.50-crore IPO reflects the steady maturation of the manufacturing and retail supply ecosystem in India. By securing strong anchor backing and utilizing fresh capital to clear working capital debt, the company is demonstrating a disciplined approach to balance sheet management. Investors evaluating this offering should look closely at its B2B relationships with major retail chains and its export performance across international diaspora markets to gauge long-term sustainable growth." — Dr. Shishir Gupta, Founder & CEO, StartupLanes