The public issue comprised 1,44,56,000 equity shares with a face value of ₹5 each, offered within a price band of ₹70 to ₹75 per share. The subscription window opened on 30th September and closed on 5th October 2026, following the anchor investor bidding session on 29th September. Investors could apply in minimum lots of 200 shares.
Under the offer structure, up to 50% of the net issue was allocated to qualified institutional buyers, at least 15% to non-institutional investors and a minimum of 35% to retail individual investors.
The company intends to utilise the net proceeds primarily to meet its increasing working capital requirements, with the remaining funds directed towards general corporate purposes.
FY26 Financial Performance
Nityas reported revenue from operations of ₹202.89 crore for FY2025–26, alongside earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹30.97 crore and profit after tax (PAT) of ₹22.32 crore.
The company recorded an EBITDA margin of 15.27% and a net profit margin of 11.00%, reflecting profitability across its manufacturing, wholesale distribution and retail operations.
Ratiraj Tibrewal, Director at Choice Capital Advisors, highlighted the company's combined business-to-business (B2B) and direct-to-consumer (D2C) operating model as a contributor to its financial performance.
Choice Capital Advisors Private Limited served as the sole book-running lead manager to the issue, while Bigshare Services Private Limited acted as the registrar.
Manufacturing Capacity and Product Portfolio
Nityas operates an integrated manufacturing facility spanning approximately 7,000 sq. ft. in Surat, Gujarat, with an annual production capacity of around 360 kg of gold jewellery.
The facility uses computer-aided design and manufacturing technologies to support product development and production. As of August 2026, the company had developed a catalogue of more than 32,000 distinct jewellery designs.
Its product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, covering both everyday jewellery and higher-value collections.
Domestic Distribution and International Presence
During FY2025–26, Nityas supplied jewellery to 323 B2B customers, including retail chains, independent jewellers and distributors across 18 Indian states and two Union Territories.
The company also serves international customers in the United Arab Emirates, Australia, Canada, Taiwan and Kenya, extending its market presence beyond domestic distribution.
In the direct-to-consumer segment, Nityas operates through its subsidiary, Ayaani Diamonds and Jewellery. The subsidiary maintains an online retail platform and ten physical stores across eight Indian cities, comprising seven company-owned outlets and three franchise-operated stores.
Business Outlook
The ₹108.42 crore public issue marks a significant capital-raising initiative for Nityas as it seeks to strengthen its operating capacity and support its growing distribution network.
With an established manufacturing infrastructure, a broad design portfolio and operations spanning domestic and overseas markets, the company's immediate focus is expected to remain on working capital deployment, operational efficiency and further expansion of its B2B and retail businesses.
The IPO also highlights the increasing participation of lab-grown diamond jewellery manufacturers in India's capital markets, as businesses seek institutional funding to support manufacturing scale and organised retail growth.