Rambhajo Jewellery IPO Day 1: GMP ₹57
Well, the much-anticipated IPO of Rambhajo Jewellery on the NSE SME platform has officially kicked off, and it’s been a quiet start on Day 1. Investors are still assessing, and the initial subscription numbers are exactly where you’d expect them to be on the very first day of a public offering. With the IPO period running from June 23rd to June 25th, 2026, there’s plenty of time for things to heat up. Let’s dive into what we’re seeing so far.
| Date | GMP | Est. Listing |
|---|---|---|
| 01 Jul | +₹46 | ₹176 |
| 30 Jun | +₹46 | ₹176 |
| 29 Jun | +₹42 | ₹172 |
| 27 Jun | +₹45 | ₹175 |
| 26 Jun | +₹50 | ₹180 |
Subscription Status
As of the end of Day 1, the subscription figures for Rambhajo Jewellery’s IPO are showing 0x across all categories: Retail, Non-Institutional Investors (NII), and Qualified Institutional Buyers (QIB). This isn’t surprising at all. It’s typical for the initial days of an SME IPO to see minimal subscription activity. Investors often wait for the latter half of the subscription period to gauge sentiment and market momentum. For QIBs, it’s common to see their participation only in the later stages, if at all, in SME IPOs. NIIs and Retail investors, while generally more proactive, also tend to hold back initially. The lot size of 100 shares means that applications will be in multiples of this, and we’ll be looking for those numbers to climb as we move into Day 2 and Day 3. Don’t let these zero figures concern you just yet; it’s standard operating procedure for now.
| Category | Subscription | Progress |
|---|---|---|
| Retail | 95.30x | |
| NII / HNI | 536.38x | |
| QIB | 174.98x | |
| Total | 212.63x |
| Date | Retail | NII | QIB | Total |
|---|---|---|---|---|
| 25 Jun | 95.30x | 536.38x | 174.98x | 212.63x |
| 24 Jun | 35.46x | 121.16x | 1.56x | 44.16x |
| 23 Jun | 11.55x | 23.73x | 1.11x | 11.18x |
GMP Update
Interestingly, the Grey Market Premium (GMP) for Rambhajo Jewellery has remained steady at ₹57. This is the same figure we saw yesterday, indicating a consistent level of investor interest in the grey market. At an issue price of ₹130, a GMP of ₹57 suggests an expected listing price of around ₹187 (₹130 + ₹57). This is a healthy premium, and the fact that it hasn’t dipped is encouraging. It suggests that the market participants who are actively trading in the grey market are confident about the stock’s debut performance. While GMP is not an official indicator, it often provides a good pulse of market sentiment ahead of listing.
Should You Apply?
So, the big question: should you be putting your money in? On the one hand, the GMP is looking quite attractive, hinting at a potentially strong listing gains. The expected listing price of ₹187, a significant jump from the issue price of ₹130, is certainly eye-catching. However, the subscription numbers are still in their infancy. This is exactly the kind of situation where a balanced approach is key. Remember, the SEBI advisor’s disclaimer is always there for a reason: IPO investments are subject to market risks. You’ll want to keep a close watch on the subscription levels as Day 2 and Day 3 progress. If we see a significant uptick in retail and NII subscriptions, coupled with the steady GMP, it could paint a very positive picture. Conversely, if subscriptions remain sluggish, it might warrant a more cautious stance. It’s a good idea to do your own due diligence on Rambhajo Jewellery’s business fundamentals as well. You can View Full Rambhajo Jewellery IPO Details for more comprehensive information.