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IPO Details

Issue Date

--

Investment/lot

₹ 14835

Price Range

215

Lot Size

69

IPO Size

₹ 270.20 Cr

IPO Listing Details

Listing On

3 Oct'23

Issue Price

--

Listed Price

₹ 215

Retail Gain/Listing Gain

0.00%

Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Manoj Vaibhav Gems 'N' Jewellers Limited is a leading regional jewellery brand in South India led by a first generation woman entrepreneur, Bharata Mallika Ratna Kumari Grandhi, along with her daughter, Grandhi Sai Keerthana (Source: Technopak Report). This hyperlocal jewellery retail chain has a presence in the micro markets of Andhra Pradesh & Telangana with 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities. They also have a market share of approximately 4% of the overall Andhra Pradesh and Telangana jewellery market and about 10% of the organised market in these two states in FY2023 (Source: Technopak Report).

The company caters to all economic segments of the micro markets in Andhra Pradesh and Telangana through its showrooms, with a strong focus on both rural and urban markets. Since rural markets have a larger pie of the retail jewellery market and there is inelasticity of rural demand for gold, this offers a large potential for growth. 77% of their retail showrooms are in Tier 2 and Tier 3 cities catering to the semi-urban and rural demand of Andhra Pradesh and Telangana. The remaining 15% of their retail showroom is located in the Mini Metro city of Hyderabad and 8% in the Tier 1 city of Visakhapatnam catering to the urban consumers.

The company’s EBITDA per retail showroom was Rs. 57.96, Rs. 87.47 and Rs. 110.04, for Fiscals 2021, 2022 and 2023 respectively (In Rs. Million). The EBITDA per retail showroom as a % of Total EBITDA was 8.33%, 8.33% and 7.69% for the same years respectively.

With that, let's take a look at the competitive strengths and risk factors for Manoj Vaibhav Gems 'N' Jewellers Limited:

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Early mover advantage in the state of Andhra Pradesh
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Diverse product designs at varied price ranges across budget brackets
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Fortifying business through rural markets
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  • The non-availability or high costs of gold bullion, silver, diamonds and other precious and semi-precious stones may adversely affect business.
  • The company has requirements for significant working capital and may require additional capital and financing in the future.
  • The showrooms are spread across Andhra Pradesh and Telangana only.
  • Expand in the untapped sections of the micro markets of Andhra Pradesh and Telangana.
  • Focus on further strengthening the rural focus and improving sales from existing showrooms.
  • Focus on augmenting brand strength.

Here are the key financials for Manoj Vaibhav Gems 'N' Jewellers Limited

Particulars (in Rs. million)

Particulars (in Rs. million)

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Manoj Vaibhav Gems N Jewellers Ltd IPO FAQs

Manoj Vaibhav Gems N Jewellers Ltd will list on 2023-10-03.

270.20 is the issue size of Manoj Vaibhav Gems N Jewellers Ltd IPO.

The minimum lot size is 69 shares and the investment required is ₹14835.

The price band of Manoj Vaibhav Gems N Jewellers Ltd IPO is ₹215 to ₹0.

The Manoj Vaibhav Gems 'N' Jewellers Limited IPO has an issue size of Rs. 270.20 crores. The IPO opens for subscription on 22nd September and closes on 26th September 2023.

Bigshare Services Private Limited is the registrar for this IPO.

You may read more about Manoj Vaibhav Gems 'N' Jewellers Limited and its IPO from the company’s red herring prospectus (RHP) here:

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