Nityas Gems & Jewellery’s IPO closed Day 3 with a cumulative subscription of 0.43x, as retail investors led demand at 0.72x while institutional interest remained subdued.

Subscription Status

The issue has seen static subscription levels throughout the final day of the bidding window, with no significant movement in order flow from the morning session through to the close. The overall subscription rate of 0.43x indicates that the issue is yet to reach full subscription levels, with retail participation being the primary driver of demand. QIB participation has cooled compared to previous days, settling at 0.30x.

Category-wise Breakdown

Retail investors continue to dominate the subscription landscape for Nityas Gems & Jewellery, registering a subscription level of 0.72x on Day 3. This is followed by the Employee category at 0.47x. Institutional interest remains low, with QIBs subscribing at 0.30x. Among Non-Institutional Investors, small HNIs (sHNI) are at 0.28x and big HNIs (bHNI) trail at 0.14x. No category has crossed the fully subscribed threshold in the current session.

Intra-day Timeline

Subscription momentum built steadily throughout the day. The total subscription multiple rose from 0.08x at 11:15 AM IST to 0.20x by 5:15 PM IST. The Retail category was the primary driver of this growth, gaining 0.32x over the course of the session. The bHNI segment also saw a 100% increase from its opening snapshot.

Offer Details

About the Company

Nityas Gems and Jewellery Limited, founded in 2022 and headquartered in Surat, Gujarat, designs, manufactures, and sells lab-grown diamond studded gold jewellery. The company operates through an integrated B2B and D2C omnichannel model. Its B2B operations supply organised retailers, standalone retailers, and wholesalers across 18 states and 2 union territories in India, along with overseas markets including UAE, Australia, Canada, Taiwan, and Kenya. Following the acquisition of Ayaani Diamonds and Jewellery Private Limited in July 2025, the company expanded its D2C footprint to 10 retail stores across 8 cities. It operates a ~7,000 sq. ft. manufacturing facility in Surat with an installed capacity of 360 kg per annum and holds a design portfolio of over 32,000 jewellery designs. The company is led by MD Rajnikant Lallubhai Chanchad and Director Sonalben Rajnikant Chanchad.

Financial Highlights

The company has demonstrated rapid growth in revenue and profitability over the last three fiscal years.

Revenue from operations grew at a CAGR of ~94.46% over two years, while PAT rose at a CAGR of ~135.48%. EBITDA margins improved from 10.21% in FY2024 to 15.27% in FY2026.

Objects of the Issue

• Funding Working Capital Requirements: ₹70 crore from net proceeds to fund incremental working capital requirements in Fiscal 2027, addressing the capital-intensive nature of upfront raw material procurement and inventory maintenance.
• General Corporate Purposes: Balance net proceeds towards strategic initiatives, brand building, capital expenditure, and growth funding for subsidiaries, subject to not exceeding 25% of gross proceeds.

Risk Factors

• Customer Concentration Risk: Top 10 customers contributed 55.49%, 76.68%, and 84.24% of revenue from operations in FY2026, FY2025, and FY2024 respectively, with no long-term supply contracts in place.
• Supplier Concentration Risk: Top 10 suppliers accounted for 86.16%, 94.31%, and 87.05% of total purchases in FY2026, FY2025, and FY2024 respectively; the single top supplier alone contributed 55.11% in FY2026.
• Working Capital Intensity: Working capital requirements surged from ₹67.65 million in FY2024 to ₹449.46 million in FY2026, with consistently negative operating cash flows reported across all three years.