Priority Jewels Limited, a Mumbai-based B2B manufacturer of lightweight, diamond-studded gold and platinum jewellery, will open its Rs 91.50 crore Initial Public Offering on August 28, closing on September 1. The issue is priced in a band of Rs 190–200 per share, with a minimum lot of 75 shares, translating to Rs 15,000 at the upper end. Listing on the NSE and BSE is scheduled for September 4.

The company supplies finished jewellery to organised retailers including CaratLane, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold, and exports to the US, UAE and Hong Kong, according to its Draft Red Herring Prospectus (DRHP).

Priority Jewels' profit after tax rose from Rs 7.15 crore in FY24 to Rs 10.51 crore in FY25 and Rs 17.65 crore in FY26. Revenue contribution from its top 10 customers declined from 57.72% in FY24 to 47.92% in FY26, though it remained at 53.19% in the June 2026 quarter, with the top five customers accounting for 33.36%.

At the upper price band, the issue is valued at approximately 14.3 times FY26 diluted earnings per share of Rs 14.03, against a peer average P/E of about 14.63 times cited in the DRHP.

Of the total issue proceeds, Rs 75 crore is earmarked for repayment or prepayment of working-capital borrowings. The company had utilised Rs 96.75 crore of its working-capital facilities as of June 30, 2026.

The DRHP states that sales are largely driven by short-term customer contracts rather than long-term commitments, and the company does not hold exclusive agreements with its largest accounts. Its FY24–FY26 revenue CAGR of 14.58% compares with peers Khazanchi Jewellers (58.01%), RBZ Jewellers (39.42%) and Ashapuri Gold Ornaments (38.62%), as disclosed in the DRHP.