IPO Corner: Manoj Vaibhav Gems ‘N’ Jewellers Limited

Vaibhav Jewellers
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Vaibhav Jewellers is a leading regional jewellery brand in South India, with a presence in the micro markets of Andhra Pradesh & Telangana with 13 showrooms across 8 towns and 2 cities and a market share of 4% of the overall Andhra Pradesh and Telangana jewellery market and 10% of the organized market in these two states in FY2023, has fixed the price band at ₹204 to ₹215 per Equity Share for its initial public offer. The initial public offering of the Company will open on Friday, September 22, 2023, for subscription and closes on Tuesday, September 26, 2023. Investors can bid for a minimum of 69 Equity Shares and in multiples of 69 Equity Shares thereafter.

  • Issue Opens on: Friday, September 22, 2023
  • Issue Closes on: Tuesday, September 26, 2023
  • Face Value: ₹ 10 per equity share
  • Price Band: ₹ 204 to ₹ 215 per Equity Share
  • Market Lot Size: 69 Equity Shares and in multiples

The Public Issue of face value of ₹10 per Equity Share comprises of fresh issuance of equity shares worth up to Rs 210 crore and an Offer for Sale (OFS) of up to 2.8 million equity shares. The jewellery brand is one of the earlier entrants in the organised jewellery retail market of Andhra Pradesh thereby creating a market for branded jewellery in the area of operations. In 2007, it launched its flagship showroom in Visakhapatnam is spread across 29,946 sq ft and 77% of its retail showrooms are in Tier 2 and Tier 3 cities and the rest are in Hyderabad and Vishakhapatnam.

For the three months ended June 30, 2023, revenue from operations stood at Rs 508.90 crore and net profit was Rs 19.24 crore. In FY 23 its revenue from operations was Rs 2027.34 cr, majorly from the sale of gold jewellery. In 2005 it stood at Rs 50.9 cr. The Jewellery brands per retail showroom average revenue and EBITDA metrics for fiscal 2023 stood at Rs 155.95 cr and Rs 11.00 cr respectively. Between FY21-23 the Revenue and PAT grew a CAGR of 18.92% and 85.81%. Its e- commerce sales grew from Rs 4.16 cr in FY 19 to Rs 36.40 cr in FY 23. Bajaj Capital Limited and Elara Capital (India) Private Limited are the book-running lead managers and Bigshare Services Private Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.

About the author: IE&M Team
IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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