Priority Jewels IPO allotted; grey market signals 15% listing gain

Priority Jewels has completed the allotment process for its Rs 91.5-crore initial public offering, with the registrar MUFG Intime India Private Limited finalising the basis of allotment on September 2. The Mumbai-based lightweight jewellery manufacturer received an overwhelming investor response during the three-day bidding window that closed on September 1.

Strong Grey Market Premium Ahead of Listing

According to InvestorGain, Priority Jewels shares were commanding a grey market premium of Rs 31 on September 2. With the IPO priced at the upper end of the price band at Rs 200 per share, this indicates an estimated listing price of around Rs 231 per share and a potential listing gain of 15.5 percent. The stock is scheduled to list on September 4, with refunds and credit of shares to demat accounts set for September 3.

Record Subscription Numbers

The public issue received bids for 32.16 crore shares as against 32.02 lakh shares on offer, translating to an oversubscription of 100.45 times. The offer, which opened for bidding on August 28, 2026, and closed on September 1, 2026, consisted entirely of a fresh issue of approximately 45.75 lakh equity shares. The IPO had a lot size of 75 shares, requiring a minimum investment of Rs 15,000 at the upper price band.

How Investors Can Check Allotment Status

Investors can verify their allotment status through three channels: the registrar MUFG Intime India Private Limited, BSE, and NSE. For MUFG Intime, applicants need to visit the IPO allotment page at https://in.mpms.mufg.com/Initial_Offer/public-issues.html, select Priority Jewels Limited from the issuer list, and choose their search option such as PAN, application number or DP ID/Client ID before submitting the form. On BSE, investors can check at https://www.bseindia.com/investors/appli_check by choosing Priority Jewels Limited from the issue dropdown. NSE users can visit https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids, select Equity & SME IPO bid details, and choose Priority Jewels from the company list.

Fund Utilisation and Pre-IPO Activity

Priority Jewels plans to use Rs 75 crore from the net IPO proceeds towards repayment or prepayment of certain working-capital borrowings, with the remaining funds allocated for general corporate purposes. Ahead of the IPO, the company raised Rs 27.45 crore from anchor investors through the allotment of 13.72 lakh shares at Rs 200 apiece. The anchor book included WhiteOak Capital Equity Fund, Sanshi Funds, Plutus Investment Trust and Khandelwal Finance, with WhiteOak Capital Equity Fund and Sanshi Funds investing approximately Rs 8.65 crore each, while Plutus Investment Trust and Khandelwal Finance invested around Rs 5.07 crore each. The company had also raised Rs 15.6 crore through a pre-IPO placement involving 8.25 lakh shares.

Company Financials and Operations

Priority Jewels reported total income of Rs 539.03 crore in FY26, compared with Rs 435.87 crore in FY25, marking an increase of around 24 percent. Profit after tax rose 68 percent to Rs 17.65 crore in FY26 from Rs 10.51 crore in the previous financial year. For the three months ended June 30, 2026, the firm reported a consolidated net profit of Rs 6.69 crore and sales of Rs 146.73 crore.

The company manufactures lightweight, diamond-studded gold and platinum jewellery and supplies its products to independent jewellers as well as organised jewellery chains. As of June 2026, it had more than 200 customers, including CaratLane Trading, Kalyan Jewellers India, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri and Senco Gold. In Q1 FY27, domestic sales contributed 50.44 percent of revenue, and exports 49.56 percent. The company has an annual manufacturing capacity of approximately 700 kg, with capacity utilization of 65 percent in FY26 and 58 percent in Q1 FY27.