Minerva Capital Research Solutions

Priority Jewels

RHP
ListedListed 4 Sep 2026MainboardNSE: PRIORITYCheck allotment
Current price₹ 281.15+40.58% since issue
Listing day+15%
Issue price
₹ 200
Issue size
₹ 91.5 Cr.
Min. investment
₹ 15,000
Listing price
₹ 230
Subscribed
100.45x
Lot size
75 shares
P/E
13.9
RoNW
4.44%
RoCE
6.92%
Debt / Equity
0.76
PAT margin
4.39%
EBITDA margin
7.01%
RoE
4.55%
EPS
₹ 14.39
NAV
₹ 108.59
Promoter stake
70%

About

Priority Jewels Ltd was started in 2007. The company designs, makes and sells diamond studded gold and platinum fine jewellery. Its range covers daily wear items such as rings, earrings, pendants, neckware and bracelets, along with occasion and couture jewellery. The company does not sell to the public directly. It supplies to independent jewellers and to jewellery chains in India and abroad. Its customers include CaratLane Trading, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold. As on 30 June 2026 it had served more than 200 customers, made up of 125 independent jewellers and 53 jewellery chains. It sells across 21 states and 3 union territories in India and exports to 13 countries including the United States, the UAE, Hong Kong and Norway. It runs two jewellery manufacturing units in Mumbai spread over 19,008.79 square feet.

Timeline

  1. Opens
    28 Aug
    done
  2. Closes
    1 Sep
    done
  3. Allotment
    2 Sep
    done
  4. Refunds
    3 Sep
    done
  5. Demat credit
    3 Sep
    done
  6. Listing
    4 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 45 on 28 Aug 2026
Lowest
₹ 20 on 26 Aug 2026
First quoted
₹ 28 on 24 Aug 2026

Subscription

How many times each investor group bid for its share, as of 04 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)175₹ 15,000
Retail (Max)13975₹ 1,95,000
S-HNI (Min)141,050₹ 2,10,000
B-HNI (Min)675,025₹ 10,05,000

Company overview

Financials

Financials by year
Assets310.61291.95309.14268.99
Total Income147.4539.03435.87410.61
Profit After Tax6.4817.6510.517.15
EBITDA10.2933.6224.2819.35
NET Worth145.66138.61104.8994.78
Reserves and Surplus132.36125.2692.2991.63
Total Borrowing110.49102.59145.85124.96

Strengths

  • Profit has grown strongly for three years, from Rs 7.15 crore in FY2024 to Rs 10.51 crore in FY2025 and Rs 17.65 crore in FY2026.
  • Sales have grown steadily, from Rs 410.61 crore in FY2024 to Rs 435.87 crore in FY2025 and Rs 539.03 crore in FY2026, a rise of 24% in the last year.
  • EBITDA improved from Rs 19.35 crore in FY2024 to Rs 24.28 crore in FY2025 and Rs 33.62 crore in FY2026.
  • The issue is priced moderately on earnings. At the upper band of Rs 200 the P/E is about 13.9 times on an EPS of Rs 14.39, and RoCE was 25.36%.
  • The whole issue is fresh capital with no offer for sale, so the full amount comes to the company. Rs 75 crore of it repays borrowings.
  • Borrowing was already cut sharply during FY2026, from Rs 145.85 crore to Rs 102.59 crore.
  • The customer list has well known names including CaratLane, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds and Senco Gold.
  • The customer base is spread out, with over 200 customers made up of 125 independent jewellers and 53 chains, so it does not depend on one or two buyers.
  • It sells across 21 states and 3 union territories and exports to 13 countries, so demand is not tied to one market.

Risks

  • The profit margin is thin at 3.27%. In diamond jewellery most of the sale value is the gold and the stones, so a small cost change moves profit sharply.
  • Return on net worth is only 12.73%, which is modest and much lower than the RoCE of 25.36%.
  • Debt remains sizeable. Borrowing was Rs 110.49 crore as on 30 June 2026, and it had gone up again from Rs 102.59 crore at the end of March 2026.
  • The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.
  • Total assets went down from Rs 309.14 crore in FY2025 to Rs 291.95 crore in FY2026 even though sales grew.
  • The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
  • Selling business to business means the large chains decide order volumes and payment terms, and losing even one big chain would be felt quickly.
  • Diamond jewellery is a discretionary purchase. Demand falls when incomes are under pressure, and export demand depends on the US market in particular.
  • Both manufacturing units are in Mumbai, so there is single city risk.
  • Rs 75 crore of the Rs 91.5 crore issue repays debt, so very little of the money adds new capacity.

What the money is for

Objects of the issue
Repayment / pre-payment, in full or in part, of certain borrowings availed by Company75
General Corporate Purposes—

Promoters

  • Shailesh Sangani
  • Manisha Shailesh Sangani
  • Tushar Mehta
  • Aditi Karan Motla
  • Aashna Sangani Parikh
  • Priority Retail Ventures Pvt.Ltd
Promoter holding93.85%→70%before → after the issue · down 23.85 points

Anchor investors

4 anchors put in ₹ 27.46 Cr., including 1 mutual funds.

Anchor investors
WHITEOAK CAPITAL EQUITY FUND4,32,7508.6631.53%
SANSHI FUND-I4,32,7508.6631.53%
PLUTUS INVESTMENT TRUST-PLUTUS EQUITY INVESTMENTS SERIES2,53,5005.0718.47%
KHANDELWAL FINANCE PVT.LTD.2,53,5005.0718.47%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.