Advit Jewels initial public offering (IPO) was subscribed 104.14 times on the third and final day of bidding on Thursday, so far.

The Rs 165.16-crore IPO received bids for 87.26 crore shares against 83.79 lakh shares on offer, according to NSE data available till 12:30 pm.

The non-institutional investors' category was subscribed 315.49 times, while the retail investors' portion was booked 62.71 times. The Qualified Institutional Buyers (QIBs) segment received 18 times subscription.

The mainboard issue had achieved full subscription on the first day of bidding on Tuesday. The company had earlier raised Rs 49.52 crore from anchor investors.

The price band for the issue has been fixed at Rs 130-138 per share.

According to platforms tracking the grey market activities, the shares of Advit Jewels are commanding a GMP of more than 44 percent. Investorgain quoted a GMP of Rs 61 for the shares of the company, indicating a listing gain of 44.20 percent.

According to the company, proceeds from the issue will be used for repayment of borrowings amounting to Rs 65 crore, funding working capital requirements of Rs 65 crore, and for general corporate purposes.

Advit Jewels is engaged in the manufacture and sale of traditional and contemporary handcrafted fine jewellery. The company sells its products under the 'Rambhajo' brand and specialises in customised Kundan, Polki, diamond and studded jewellery.

The company's equity shares are proposed to be listed on the BSE and NSE, with listing scheduled tentatively for July 1.