Advit Jewels IPO 2.3x subscribed on Day 1; GMP signals 47% listing gains. Should you subscribe?

Jaipur-based Advit Jewels IPO was oversubscribed 2.3 times on Day 1, driven by strong retail investor interest. The Rs 165 crore issue will fund working capital and debt repayment, with the company set for a July 1 stock market debut. Grey market premium is signalling about 47 percent listing gains for the handcrafted jewellery maker, which operates under the Rambhajo brand.