An IPO is being launched on the NSE Emerge SME platform, aiming to raise funds through a book-built issue. The offering includes up to ₹98.65 crore, comprising a fresh issue of ₹84.55 crore and an offer for sale (OFS) of ₹14.10 crore by the promoters.
Company Overview
Founded & Incorporation
Incorporated on June 3, 2009 as Pushpa Jewellers Private Limited, and later transitioned into a public company with a fresh certificate of incorporation issued on July 29, 2024.
Promoters & Leadership
The business was initiated by Mr. Mridul Tibrewal, and is currently led by three brothers—Mridul, Anupam, and Madhur Tibrewal.
Headquarters & Facilities
Headquartered in Kolkata, the company operates a modern jewellery manufacturing hub at 22 East Topsia Road and employs over 150 staff members.
Lot Size & Investment Details
| Investor Type | Lots | Shares | Investment |
|---|---|---|---|
| Retail (Minimum) | 1 | 1,000 | ₹1,43,000 – ₹1,47,000 |
| Retail (Maximum) | 1 | 1,000 | ₹1,47,000 (capped by retail limit) |
| HNI (S-HNI) | 2 | 2,000 | ₹2,94,000 at upper band |
📊 Financial Highlights
| Financial Year | Revenue (₹ Cr) | Net Profit (₹ Cr) |
|---|---|---|
| FY 2021–22 | 123.35 | 6.17 |
| FY 2022–23 | 165.84 | 8.14 |
| FY 2023–24 | 255.49 | 13.58 |
📦 Issue Structure
| Component | Details |
|---|---|
| IPO Type | Book-Built Issue (SME) |
| Listing Exchange | NSE Emerge |
| Total Issue Size | ₹98.65 crore |
| Fresh Issue | ₹84.55 crore (57.48 lakh shares) |
| Offer for Sale (OFS) | ₹14.10 crore (9.63 lakh shares) |
| Face Value | ₹10 per share |
| Price Band | ₹143 – ₹147 per share |
| Lot Size | 1,000 shares |
| Total Shares Offered | 67.11 lakh equity shares |
⚠️ Risks
High Business Concentration in Gold Jewellery
The company primarily operates in the gold jewellery segment. Any decline in gold demand or unfavorable changes in consumer preferences could materially impact revenue.
Price Volatility of Gold
Since gold is a core raw material, any significant fluctuation in gold prices can affect profit margins, working capital needs, and inventory valuation.
Limited Retail Presence
Pushpa Jewellers operates on a B2B model with no direct-to-consumer (retail) channel. This limits brand recognition among end customers and may cap long-term margins.
Geographical Dependence
A significant portion of the business comes from South India. Regional disruptions (e.g., festivals, regulatory changes, or natural calamities) could disproportionately impact sales.
SME Listing Risks
Being listed on the NSE Emerge (SME platform), the stock may have lower liquidity, higher volatility, and limited analyst coverage compared to mainboard IPOs.
Promoter Group Sale Through OFS
Promoters are partially exiting via Offer for Sale (OFS). While not unusual, it signals a reduction in ownership and may raise concerns about long-term commitment.
Working Capital Intensive Business
The jewellery trade requires significant working capital to manage gold procurement and inventory cycles. Any delays in receivables or disruptions in capital access could affect operations.
Regulatory & Compliance Risks
Jewellery businesses are highly regulated in terms of BIS hallmarking, KYC, anti-money laundering laws, and taxation (GST). Non-compliance may attract penalties or legal action.
📝 Summary
Pushpa Jewellers Ltd is a Kolkata-based gold jewellery manufacturer and wholesaler focused on the B2B segment. Established in 2009, the company specializes in lightweight 22K gold ornaments and supplies over 500 retailers across India, with a strong presence in South India and exports to markets like Dubai and the USA.
The company is launching its IPO on the NSE Emerge SME platform to raise ₹98.65 crore, including a fresh issue of ₹84.55 crore and an offer for sale (OFS) of ₹14.10 crore. Funds from the fresh issue will be used for working capital, inventory expansion, and general corporate purposes.
Pushpa Jewellers has shown robust financial growth in recent years, with revenue increasing from ₹123.35 crore in FY22 to ₹255.49 crore in FY24 and PAT more than doubling in the same period.
With a scalable B2B model, innovative lightweight products, and improving profitability, Pushpa Jewellers is positioning itself as a growing player in India’s organized gold jewellery manufacturing space.
