The company issued 8.25 lakh equity shares at Rs 190 apiece ahead of its IPO, drawing participation from institutional investors and jewellery trade players as it strengthens its balance sheet and retail partnerships
Mumbai: Priority Jewels, a manufacturer of lightweight diamond-studded gold and platinum jewellery, has concluded its pre-IPO placement, raising approximately Rs 15.67 crore.
The company, in consultation with its Book Running Lead Managers, allotted 8,25,000 equity shares at an issue price of Rs 190 per share, including a premium of Rs 180 per share.
The placement saw participation from Invictus Continuum Fund I, Cheay Investments Private Limited, Plutus Equity Investment Services, Maple Leaf Trading and Services, along with 18 other investors from the jewellery and investment ecosystem.
Invictus Continuum Fund I was allotted 1,00,000 equity shares at Rs 190 per share, aggregating Rs 1.9 crore. Cheay Investments Private Limited and Plutus Equity Investment Services were each allotted 50,000 equity shares at the same price, amounting to Rs 95 lakh each.
Priority Jewels designs and manufactures lightweight, accessible fine jewellery set with diamonds in gold and platinum. Its portfolio spans daily wear categories such as rings, earrings, pendants, neckwear and bracelets, in addition to occasion-led couture pieces developed through contemporary design and modern manufacturing processes.
The company supplies directly to independent retailers and organised jewellery chains across India, along with select international markets. Its client base includes CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited.
As noted in a CARE Report, the company’s focus on combining design capability with manufacturing efficiency has enabled it to build long-term relationships with leading retail jewellers, positioning it as a preferred supplier within the organised segment.
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