Advit Jewels IPO: Day 2 at 32x, GMP near 40%

Strong start extends into Day 2

Advit Jewels’ initial public offering (IPO) continued to attract heavy bids on the second day of subscription on June 24, 2026, after being fully subscribed on Day 1. Multiple intra-day data snapshots showed the issue moving sharply higher, largely led by non-institutional investors (NIIs). The public issue is sized at ₹165.16 crore and is open for three days. The price band is set at ₹130 to ₹138 per share. The subscription window closes on June 25, 2026. The stock is expected to list on July 1, 2026, subject to completion of process and approvals.

Issue details and key dates investors are tracking

The Jaipur-based jewellery manufacturer is raising ₹165.16 crore through the IPO, with an offer size of 83.79 lakh shares mentioned in subscription updates. The company’s upper price band is ₹138. Market participants are also tracking the basis of allotment timeline, which is expected to be finalised by June 29, 2026. Listing is scheduled on the NSE and BSE on July 1, 2026, as per the reports cited. With bidding concentrated heavily in the NII and retail segments through the day, the subscription trajectory became the headline metric for the issue.

Subscription crosses key milestones through the day

Reports cited different checkpoints on Day 2, reflecting the pace of bidding. One NSE update till 12:15 pm stated the issue had received bids for 19.96 crore shares against 83.79 lakh shares on offer, translating into 23.82 times subscription. Another data point reported the overall subscription at 32.01 times by 2:15 pm on June 24, according to NSE data. Separate updates also mentioned the issue being subscribed 17.09 times as of 10:35 am, and 20.24 times as of 11:21 IST based on BSE data. Some live update trackers also described the issue as “nearly 35 times” subscribed at one stage on Day 2.

NIIs drive demand, retail remains strong, QIBs lag

Across most reported snapshots, the NII category led the book by a wide margin. At 10:35 am on June 24, NIIs were subscribed 39.78 times, with retail at 16.48 times and QIBs at 1.13 times. At 11:21 IST, the overall subscription was reported at 20.24 times, with retail at 19.31 times, NIIs at 47.85 times, and QIBs at 1.14 times. By 2:15 pm, the issue was reported at 32.01 times overall, with NIIs subscribed 81.46 times, retail at 28.37 times, and QIBs at 1.25 times.

Some reporting also cited a separate midday snapshot where the NII portion was subscribed 58.29 times and the retail category was 21.99 times, while the QIB quota was also stated as 58.29 times. Other updates through the day, however, repeatedly showed QIB demand in the low single digits, around 1.1x to 1.25x at the cited times.

Subscription status table (reported checkpoints)

Grey market premium holds around 40%

Alongside subscription, grey market premium (GMP) remained a key talking point. Multiple trackers placed Advit Jewels’ GMP at roughly 40% to 41% over the issue price during Day 2. One report cited Investorgain quoting a GMP of ₹55, implying a listing gain of 39.86% over the upper price band of ₹138, and indicating an informal price around ₹193. IPO Watch was cited quoting GMP at 40.58%. Another update stated “Advit Jewels IPO GMP today is +56”, and based on the upper price band of ₹138, an estimated listing price of about ₹194, or 40.58% higher.

There was also a separate mention of a GMP of around ₹64, which, against the upper band of ₹138, suggested an estimated listing price near ₹202 and a potential listing gain of about 46%. These GMP levels were described as unofficial indicators that can change before listing.

GMP and implied listing estimates (as reported)

What the bidding pattern signals for market participation

The day’s reported numbers point to a familiar pattern seen in many recent IPOs: heavy oversubscription led by NIIs and retail, with QIB participation comparatively lower at the checkpoints published. The spread matters because it can shape perceptions around the quality and stability of demand, even though final outcomes depend on the end-of-issue book. Strong retail and NII demand can push overall subscription sharply higher early in the process. But investors also watch QIB activity because it is typically viewed as a more institutional, valuation-sensitive segment.

The consistency in the GMP band around 40% across reports, despite changing subscription numbers, suggests that unofficial market expectations were broadly steady during Day 2. At the same time, the wide range of reported subscription snapshots highlights how quickly bidding can move in a bookbuilding window and why time-stamped data matters.

Key dates ahead: close, allotment, and listing

The IPO is scheduled to close on June 25, 2026. The basis of allotment is expected by June 29, 2026, as cited in the updates. Shares are scheduled to list on July 1, 2026, on NSE and BSE, subject to regulatory approvals and completion of post-issue formalities. With the issue already showing strong oversubscription through Day 2 in multiple checkpoints, the final day of bidding will likely be watched for any change in the QIB participation trend and for shifts in the grey market premium.

Conclusion

Advit Jewels’ ₹165.16-crore IPO remained heavily subscribed on Day 2, with NIIs leading demand and retail participation staying strong, while GMP held around 40% to 41% in most reports. The issue closes on June 25, with allotment expected by June 29 and listing scheduled for July 1.