Advit Jewels Bets Big on Retail Expansion via Rambhajo Brand as IPO Looms

The Jaipur-based jewellery maker is tapping public markets to fund a 30-store nationwide rollout, pivoting from a pure B2B model to capturing the millennial consumer.

Jaipur’s jewellery sector is witnessing a significant shift as Advit Jewels prepares to transition from a behind-the-scenes manufacturer into a consumer-facing retail powerhouse. With its maiden IPO opening for subscription on June 23, the company is signaling a clear intent to move beyond its traditional B2B roots. Chairman and Managing Director Nitin Gilara confirmed that the firm plans to launch 30 new retail showrooms under the 'Rambhajo' brand over the next three years, with the first flagship store slated to open in Jaipur by this October or November.

The public offer, priced at a band of Rs 130-138 per share, aims to raise Rs 165.15 crore through a fresh issue of 1.19 crore shares. This capital infusion is earmarked for more than just retail aesthetics. Advit plans to allocate Rs 65 crore toward debt repayment and another Rs 65 crore for incremental working capital, ensuring the balance sheet is lean enough to support the aggressive store rollout. While the market buzzes with speculation over ipo gmp and listing gains, the company’s core strategy remains focused on long-term operational scaling.

The Retail Pivot

Expanding into the retail space is a calculated risk for Advit Jewels. The company has built its reputation on handcrafted traditional and contemporary fine jewellery, specializing in Kundan, Polki, and diamond-studded pieces. Gilara noted that the new Rambhajo outlets will specifically target Gen Z and millennial buyers with lighter, trendy jewellery lines. Crucially, the company intends to keep its manufacturing and retail lines distinct; the designs produced for existing wholesale clients will not be replicated in the retail showrooms, and current manufacturing capacity is deemed sufficient to handle the increased demand.

The rollout strategy will follow a franchise model, beginning with a focus on northern India before pushing into southern markets. This regional approach suggests a cautious but deliberate effort to establish brand equity before scaling nationally. For the nine months ending December 31, the firm reported a revenue of Rs 123.79 crore and a net profit of Rs 25.44 crore, providing a stable foundation as it enters the competitive consumer retail landscape.

Why it matters

The move by Advit Jewels highlights a broader trend among established Indian jewellery manufacturers: the migration toward direct-to-consumer (D2C) and retail branding. By utilizing IPO proceeds to diversify revenue streams, these firms are attempting to insulate themselves from the volatility of wholesale and B2B markets. As gold imports fluctuate due to changing duty structures, having a strong consumer-facing brand becomes a hedge against supply-side uncertainty. For investors, the success of this transition will hinge on the company’s ability to manage the high operational costs of retail expansion while maintaining the margins they enjoyed as a pure-play manufacturer.