Priority Jewels IPO Day 2 Subscription Status: 14.25x Subscribed; GMP at ₹45

Priority Jewels IPO was subscribed 14.25 times as of the afternoon on Day 2 (2:00 p.m. to 3:30 p.m. IST on 31 August 2026). Non-Institutional Investors (NIIs) led demand at 20.35 times, followed closely by retail investors at 19.47 times, while Qualified Institutional Buyers (QIBs) were at 0.54 times. The Grey Market Premium (GMP) stood at about ₹45, and the issue remains open until 1 September 2026.

Metric	Latest update
Bidding day	Day 2
Data status	Latest verified data on 31 August 2026
Overall subscription	14.25x
QIB subscription	0.54x
NII subscription	20.35x
Retail subscription	19.47x
Employee/shareholder category	Not separately reported
Current GMP	₹45
GMP percentage	22.5%
Indicative price	₹245
Closing date	1 September 2026

Priority Jewels IPO Day 2 Subscription Status

Priority Jewels IPO demand accelerated considerably from the Day 1 close. NIIs were the most subscribed major category at 20.35 times, while the retail portion reached 19.47 times. QIB participation rose only modestly to 0.54 times.

Investor category	Day 2	Day 1 close	Change
Qualified Institutional Buyers (QIBs)	0.54x	0.44x	+0.10x
Non-Institutional Investors (NIIs)	20.35x	1.24x	+19.11x
Retail Individual Investors	19.47x	3.07x	+16.40x
Overall	14.25x	1.93x	+12.32x

The subscription multiples measure bid quantity against shares reserved for each category. They should not be read as the number of unique applicants. Category allocation also matters because a smaller reserved pool can reach a high subscription multiple faster.

How Subscription Changed From Day 1

Priority Jewels IPO closed Day 1 at 1.93 times overall, with retail leading at 3.07 times. By the latest Day 2 snapshot, the overall multiple had risen to 14.25 times.

The main driver of that increase was the NII category, which moved from 1.24 times to 20.35 times. Retail demand also increased sharply from 3.07 times to 19.47 times.

QIB participation, however, moved from only 0.44 times to 0.54 times. This means Day 2 demand has broadened substantially among NIIs and retail investors but remains comparatively limited in the institutional category. Institutional bids often build later in book-built IPOs, although the current data does not establish what QIB demand will look like on Closing Day.

Priority Jewels IPO GMP Today and Estimated Listing Price

Priority Jewels IPO GMP was around ₹45 on 31 August 2026, broadly unchanged from the previous available ₹45 reading. The grey-market quote has therefore remained firm even as official subscription demand increased sharply on Day 2.

At the upper price band of ₹200:

Indicative price = ₹200 + ₹45 = ₹245

GMP percentage = ₹45 ÷ ₹200 × 100 = 22.5%

GMP metric	Value
Current GMP	₹45
Previous available GMP	₹45
Direction	Unchanged
GMP percentage	22.5%
Indicative price	₹245

Grey Market Premium is unofficial, unregulated, and not published by the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), or BSE Limited (BSE). It can change quickly. The ₹245 figure is only an indicative calculation and does not guarantee the actual listing price or a 22.5% listing gain.

What Stands Out in Today’s Bidding

The clearest Day 2 signal is the sharp increase in NII and retail bidding. Both categories are now subscribed more than 19 times, compared with relatively modest multiples at the end of Day 1.

The second signal is the gap between these categories and QIB demand. QIB subscription remains below one time at 0.54 times, so the overall 14.25 times figure is not yet broad-based across all major investor groups.

There is also a subscription-GMP distinction worth noting. Official demand has risen rapidly, while GMP has remained near ₹45 rather than moving proportionately higher. Subscription and GMP measure different things, and neither by itself establishes fair valuation, business quality, or future returns.

IPO Details Retail Investors Need

IPO detail	Information
Price band	₹190 to ₹200 per share
Lot size	75 shares
Minimum retail investment	₹15,000
Issue size	Up to ₹91.50 crore
Fresh issue	Up to ₹91.50 crore
Offer for Sale (OFS)	Nil
Issue type	Book-built mainboard IPO
Closing date	1 September 2026
Expected listing date	4 September 2026
Exchanges	NSE and BSE

One retail lot contains 75 shares. At the upper price band of ₹200, the minimum application amount is ₹15,000.

Brief Company and Financial Context

Priority Jewels designs, manufactures, and supplies lightweight diamond-studded gold and platinum fine jewellery to independent jewellers and organised retail chains. Revenue from operations increased from ₹435.50 crore in FY2025 to ₹538.95 crore in FY2026, while profit after tax rose from ₹10.51 crore to ₹17.65 crore. For the three months ended 30 June 2026, revenue from operations was ₹146.73 crore and profit after tax was ₹6.48 crore.

The company proposes to use ₹75 crore of the fresh-issue proceeds to repay or prepay certain working-capital borrowings. Key considerations include precious-metal price fluctuations, working-capital requirements, and customer concentration.

What Happens Next

Priority Jewels IPO enters its Closing Day on 1 September 2026. Investors can monitor whether QIB participation increases, whether NII and retail demand continues to build, how the overall subscription multiple develops, and whether the ₹45 GMP changes. Final subscription figures should be assessed only after bidding closes and exchange data stabilises.

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