Advit Jewels IPO, June 22 -- The initial public offering (IPO) of jewellery company Advit Jewels is set to open for public subscription on Tuesday, 23 June. The book build issue is a fresh issue of 1,19,68,000 shares to raise Rs.165 crore. The Jaipur-based company, which specialises in handcrafted fine jewellery, wants to utilise the net proceeds to meet working capital requirements and to pay certain borrowings.

The mainboard IPO is coming at a time when domestic market sentiment is improving due to easing geopolitical concerns and a fall in crude oil prices. Meanwhile, the grey market premium (GMP) of Advit Jewels shows the stock can list at a healthy premium of nearly 50%.

According to grey market sources, Advit Jewels' IPO GMP on Mo...