New Delhi, 01 July (H.S.): Shares of handmade jewellery manufacturer Advit Jewels made an impressive debut on the stock exchanges on Wednesday, delivering strong gains to IPO investors. The company's shares were issued at an IPO price of Rs 138 apiece. They listed at Rs 187 on the BSE, reflecting a premium of 35.51 percent, and at Rs 188.90 on the NSE, representing a premium of 36.88 percent.

Following the listing, buying momentum pushed the stock to an intraday high of Rs 192. However, profit booking soon emerged, dragging the share price down to its lower circuit limit of Rs 179.46. Despite hitting the lower circuit, IPO investors were still sitting on gains of Rs 41.46 per share, or 30.04 percent.

The Rs 165.16 crore initial public offering of Advit Jewels was open for subscription from June 25 to June 26. The issue received an overwhelming response from investors and was subscribed 212.63 times overall. The Qualified Institutional Buyers (QIB) portion was subscribed 174.98 times, while the Non-Institutional Investors (NII) category attracted subscriptions of 536.38 times. The retail investors' portion was subscribed 95.30 times. A total of 11,968,000 equity shares with a face value of Rs 10 each were issued under the IPO. The company plans to utilise the proceeds to reduce debt, meet working capital requirements, and fund general corporate purposes.

According to the Draft Red Herring Prospectus (DRHP) filed with capital markets regulator SEBI, the company's financial performance has strengthened consistently over the past few years. Advit Jewels reported a net profit of Rs 10.39 crore in FY2022-23, which increased to Rs 14.71 crore in FY2023-24 and further jumped to Rs 25.37 crore in FY2024-25. During the first nine months of FY2025-26, from April 1 to December 31, 2025, the company had already posted a net profit of Rs 25.44 crore.

The company's revenue also registered steady growth during the same period. Total revenue rose from Rs 46.60 crore in FY2022-23 to Rs 69.45 crore in FY2023-24, before climbing to Rs 124.94 crore in FY2024-25. During the first nine months of FY2025-26, the company generated revenue of Rs 123.80 crore.

During this period, the company's debt burden also increased significantly. Outstanding debt stood at Rs 5.84 crore at the end of FY2022-23, rising to Rs 19.70 crore in FY2023-24 and surging to Rs 74.80 crore by the end of FY2024-25. However, during the first nine months of FY2025-26, the debt declined to Rs 64.92 crore.

The company's net worth also recorded consistent growth. It stood at Rs 18.08 crore in FY2022-23, increased to Rs 32.80 crore in FY2023-24, and reached Rs 58.13 crore in FY2024-25. During the first nine months of FY2025-26, the company's net worth rose further to Rs 83.65 crore.

Similarly, reserves and surplus increased from Rs 18.07 crore in FY2022-23 to Rs 32.79 crore in FY2023-24 and Rs 58.12 crore in FY2024-25. During the first nine months of FY2025-26, reserves and surplus stood at Rs 51.64 crore.

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) also showed strong growth. It stood at Rs 12.77 crore in FY2022-23, rose to Rs 18.95 crore in FY2023-24, and further increased to Rs 37.15 crore in FY2024-25. During the first nine months of FY2025-26, EBITDA stood at Rs 36.68 crore.

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Hindusthan Samachar / Jun Sarkar