Advit Jewels IPO Day 2: Subscription 32x, GMP 40% Live

Strong Day 2 momentum keeps focus on Advit Jewels IPO

Advit Jewels’ initial public offering (IPO) saw sharp subscription momentum on its second day, with non-institutional investors (NIIs) leading demand. The Jaipur-based jewellery maker drew attention in the grey market as well, with market trackers reporting a premium of around 40% over the issue price. Multiple live updates through June 24 showed subscription rising quickly through the day, while GMP held broadly steady despite the jump in bids. The issue opened on June 23, 2026, and remains available for bidding until June 25, 2026. The basis of allotment is expected on June 29, 2026, with listing scheduled for July 1, 2026.

IPO size, price band, and lot size

The Advit Jewels IPO is sized at ₹165.16 crore. The company has set a price band of ₹130 to ₹138 per share. Investors can bid in a lot size of 100 shares and in multiples thereafter. Across reports, the offer size is also described as 83.79 lakh shares on offer. While subscription figures have been reported from both NSE and BSE sources at different points, the common thread on Day 2 has been heavy demand outside the institutional bucket.

Day 2 subscription: fast-changing snapshots through June 24

Live exchange data points showed a steep climb in overall subscription as the day progressed. As of 10:35 AM on June 24, 2026, the issue was subscribed 17.09 times, with category-wise demand led by NIIs. By late morning, some updates reported overall subscription at 20.49 times, against the same total offer of 83.79 lakh shares. Another update around midday cited 23.82 times subscription, with bids for 19,96,00,600 shares against 83,79,300 shares offered. By 2:15 PM, NSE data showed overall subscription at 32.01 times.

Some reports also described the issue as being subscribed “nearly 35 times” on Day 2, and cited NII booking as high as 92 times in those updates. Since these figures reflect different timestamps and data sources, the numbers should be read as live snapshots rather than a single end-of-day total.

NIIs lead, retail participation stays strong; QIB demand lags

Across the updates, the NII category remained the biggest driver of subscription. At 10:35 AM on Day 2, NIIs were subscribed 39.78 times, compared with retail at 16.48 times and QIBs at 1.13 times. Later in the day, as of 2:15 PM, the NII portion was reported at 81.46 times, followed by retail at 28.37 times and QIBs at 1.25 times.

Another snapshot cited retail subscription at 19.54 times, underlining strong participation from individual investors as bidding progressed. The QIB segment, however, remained relatively modest compared with the other two buckets in the intra-day updates shared.

Grey market premium holds near 40% despite rising bids

Grey market indicators stayed firm through Day 2, with multiple reports placing the GMP around 40% to 41%. One update stated GMP at about 41% over the issue price as of 10:35 AM on June 24. Another report pegged the GMP at ₹55 per share, implying 39.86% over the upper price band of ₹138.

Based on this unofficial GMP and the upper end of the price band, the implied listing price estimate was around ₹193 to ₹194 in the updates. Separately, sources tracking unofficial trades also cited the unlisted shares trading near ₹193 apiece during the day. Market participants repeatedly cautioned that GMP is an unofficial indicator and should not be treated as a guarantee of listing-day performance.

How Day 1 set the tone for Day 2

The strong Day 2 demand followed an active first day of bidding. One report said the IPO was subscribed 9.38 times on Day 1 based on BSE data. Another update in Hindi noted Day 1 subscription of 11.18 times against 83.79 lakh shares, with the retail quota subscribed 11.55 times. In the lead-up to the opening, grey market checks also suggested strong sentiment, with one report citing unlisted quotes near ₹201, implying a GMP of 45.65% over ₹138.

Together, these Day 1 and pre-open indicators helped set expectations for heavy participation once the issue moved into its second day.

Use of proceeds: debt repayment and business needs

Updates around the issue noted that the company plans to use part of the IPO proceeds to repay debt. The remaining proceeds are expected to support capital requirements and other business needs. No further break-up of allocation was provided in the shared updates.

Key dates investors are tracking

The IPO opened on June 23, 2026, and closes on June 25, 2026. The basis of allotment is expected to be finalised on June 29, 2026. Listing is scheduled for July 1, 2026, with updates referring to the NSE SME platform and also stating NSE and BSE listing in different places. All listing timelines remain subject to regulatory approvals and completion of post-issue formalities, as noted in the updates.

Snapshot table: subscription and GMP on Day 2

Timeline table: issue window, allotment, and listing

Market impact and what to watch next

The combination of high NII subscription and steady grey market pricing has kept attention on the IPO’s listing expectations. The sharp intra-day changes in subscription highlight how quickly demand can build in SME and smaller offerings, particularly when the NII and retail categories are active. At the same time, the repeated disclaimer around GMP matters: it reflects unofficial market sentiment and can change quickly.

The next formal milestones are the issue close on June 25, the expected allotment basis on June 29, and the scheduled July 1 listing. Until then, the most trackable data points remain exchange-reported subscription updates and any official disclosures related to the issue process.

Conclusion

Advit Jewels’ IPO remained strongly subscribed on Day 2, led by NIIs and supported by steady retail participation, while grey market premium stayed around 40% in the updates. The issue closes on June 25, with the basis of allotment expected on June 29 and listing scheduled for July 1, subject to approvals and post-issue formalities.