Nityas Gems and Jewellery IPO Opens Today

Nityas Gems and Jewellery has opened its mainboard IPO for public subscription on September 30, adding another primary-market offering to India's busy IPO calendar.

The Gujarat-based jewellery company aims to raise up to ₹108.42 crore at the upper end of its ₹70–₹75 price band.

The public issue will remain open for bidding until October 5, 2026.

The company is offering up to 1,44,56,000 equity shares with a face value of ₹5 each.

Unlike many IPOs that combine fresh shares with sales by existing shareholders, the Nityas Gems issue consists entirely of newly issued equity.

IPO Is Entirely a Fresh Issue

Nityas Gems and Jewellery's ₹108.42 crore offering contains no offer-for-sale component.

This means the proceeds from the shares issued through the IPO will go to the company rather than existing shareholders selling their holdings.

At the lower end of the price band, the issue would raise approximately ₹101.19 crore, while the upper price of ₹75 takes the total issue size to approximately ₹108.42 crore.

A fresh issue also increases the company's equity capital and results in dilution of existing shareholders' percentage ownership.

Price Band Fixed at ₹70–₹75 Per Share

The company has fixed its IPO price band at ₹70 to ₹75 per equity share.

The floor price is 14 times the ₹5 face value of each share, while the upper end is 15 times face value.

Investors are required to bid for a minimum of 200 shares and thereafter in multiples of 200 shares.

At the upper price of ₹75, one lot requires an investment of ₹15,000.

The relatively accessible minimum application size allows retail investors to participate without requiring a large initial capital commitment.

IPO to Remain Open Until October 5

The IPO subscription period runs from September 30 through October 5.

Following closure of the issue, the basis of allotment is expected to be finalised on October 6.

Refunds for unsuccessful applications and credit of shares to successful applicants are expected to follow before trading begins.

Nityas Gems and Jewellery is scheduled to list its equity shares on both the BSE and NSE on October 8, 2026.

The timetable remains subject to completion of the applicable IPO and exchange procedures.

₹70 Crore Earmarked for Working Capital

Working capital is the primary objective of the fresh issue.

Nityas Gems and Jewellery intends to use ₹70 crore from the net IPO proceeds to fund its working-capital requirements.

The remaining proceeds will be available for general corporate purposes, subject to the terms disclosed in the offer documents.

Working capital is particularly important in the jewellery industry because companies need funds to purchase precious metals, diamonds and other inputs before finished products are sold and customer payments are received.

Additional capital can therefore help support higher production and sales as the company expands.

Nityas Focuses on Lab-Grown Diamond Jewellery

Nityas Gems and Jewellery designs, manufactures and sells diamond-studded gold jewellery, with a significant focus on lab-grown diamonds.

Its product portfolio includes rings, earrings, pendants, bracelets, necklaces, bangles, mangalsutras, nose pins and cufflinks.

The company primarily follows a business-to-business model, supplying jewellery products to retailers and wholesalers.

Its presence in lab-grown diamond jewellery gives it exposure to a segment that has expanded as consumers seek alternatives to naturally mined diamonds.

Pricing, changing consumer preferences and developments in lab-grown diamond supply remain important factors for the industry.

Company Also Has Direct-to-Consumer Presence

Alongside its core B2B operations, Nityas has developed a consumer-facing business through subsidiary Ayaani Diamonds and Jewellery.

Ayaani operates an omnichannel retail model.

The combination allows the group to participate in both wholesale jewellery supply and direct consumer sales.

A consumer-facing presence can provide companies with greater access to retail margins and customer data, although building a jewellery brand also requires sustained investment in marketing, distribution and consumer trust.

Revenue More Than Doubled in FY26

Nityas Gems and Jewellery reported strong growth during the financial year ended March 2026.

Revenue increased to approximately ₹202.9 crore from ₹96.8 crore in the previous financial year.

Profit also rose sharply, reaching approximately ₹22.8 crore compared with ₹9.8 crore a year earlier.

The growth provides the company with a stronger financial base as it approaches the public markets.

Investors will nevertheless assess whether the pace of expansion can be sustained as the business grows and competition within the jewellery market intensifies.

IPO Values Company at Around ₹432 Crore

At the upper end of the ₹75 price band, Nityas Gems and Jewellery is seeking a post-issue valuation of approximately ₹432 crore.

The valuation provides investors with a benchmark for comparing the company with other listed jewellery and consumer businesses.

However, business models within the jewellery sector can differ substantially.

Companies focused on lab-grown diamonds, wholesale manufacturing and emerging consumer brands can have different growth, margin and working-capital characteristics from established traditional jewellery retailers.

Employee Reservation Included in IPO

The issue includes a reservation of up to one lakh equity shares for eligible employees.

The employee portion could aggregate to as much as ₹75 lakh at the upper price band.

Eligible employees may also receive a discount of ₹7 per share on the final issue price.

The remaining shares form the net issue available across institutional, non-institutional and retail investor categories according to the allocation structure specified in the offer documents.

Choice Capital Advisors Is Managing the Issue

Choice Capital Advisors Private Limited is serving as the book-running lead manager for the IPO.

Bigshare Services Private Limited is the registrar.

The registrar will handle processes including application records, allotment and other administrative functions associated with the offering.

Once allotment is completed, investors will be able to check their status through the relevant registrar and exchange channels.

Lab-Grown Diamonds Create New Jewellery Segment

Lab-grown diamonds have become an increasingly visible segment of the global jewellery industry.

They have essentially the same chemical composition as mined diamonds but are produced in controlled manufacturing environments.

Lower production costs have enabled lab-grown diamonds to be sold at significantly different price points from many natural diamonds.

For jewellery manufacturers, this creates opportunities to target consumers seeking diamond jewellery at more accessible prices.

However, falling lab-grown diamond prices can also affect inventory values and product margins, making supply-chain management important.

IPO Proceeds Could Support Higher Business Scale

Nityas' decision to allocate ₹70 crore to working capital indicates that funding business expansion is a central objective of the IPO.

As revenue increases, the amount of capital tied up in gold, diamonds, finished jewellery and customer receivables can also rise.

Additional working capital could enable the company to process larger orders and maintain sufficient inventory across its product portfolio.

The effectiveness with which Nityas converts that additional capital into revenue and profits will be an important operating metric after listing.

Conclusion

Nityas Gems and Jewellery's ₹108.42 crore IPO opens for subscription today, September 30, giving public-market investors access to a growing jewellery manufacturer with a focus on lab-grown diamond-studded gold products.

The entirely fresh issue comprises up to 1.4456 crore shares priced between ₹70 and ₹75 each, with a minimum application of 200 shares. Bidding will remain open until October 5, followed by the expected listing on the BSE and NSE on October 8.

With ₹70 crore of the net proceeds earmarked for working capital, the company intends to use its public-market fundraising primarily to support further business expansion. Its future performance will depend on execution, jewellery demand, working-capital efficiency and conditions in the rapidly evolving lab-grown diamond market.