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Manoj Vaibhav Gems ‘N’ Jewellers IPO 2023

Manoj Vaibhav Gems ‘N’ Jewellers IPO 2023

Introduction

The Manoj Vaibhav Gems ‘N’ Jewellers IPO will open on September 22 and close on September 26, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 270.20 crore through this public offering, consisting of 12,567,442 shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 204 to ₹ 215 per share.

Manoj Vaibhav Gems ‘N’ Jewellers Limited (“the Company”)

Manoj Vaibhav Gems ‘N’ Jewellers Limited was incorporated in 2003. It is a leading regional jewelry brand in South India. Its jewelry business started as a proprietorship concern in 1994 from its first retail showroom in Vishakapatnam.

The company is a hyperlocal jewelry retail chain with a presence in the micromarkets of Andhra Pradesh and Telangana, with 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities.

It had a market share of 5% of the overall Andhra Pradesh and Telangana jewelry market and 14% of the organized market in these two states in FY2021.

77% of its 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 our retail showroom is located in the Mini Metro city of Hyderabad, and 8% of our showroom is located in the Tier 1 city of Visakhapatnam, catering to urban consumers.

Company Key Metrics

Earning Per Share (EPS)₹ 18.32 per Equity Share
Debt to Equity Ratio1.34
ROE23.19%
ROCE17.71%
P/E (x)11.147
Return on Net Worth (RoNW)20.78%

Objects of the Issue,

The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:

  1. To Finance the Establishment of the proposed 8 new showrooms, i.e.
    • Capital expenditure cost for the proposed eight (8) new showrooms,
    • Inventory cost for the proposed eight (8) new showrooms,
  2. General corporate purposes.

Financial Highlights (Restated)

ParticularsFY 2022-23FY 2021-22FY 2020-21FY 2019-20
Net Worth344.55272.86228.99208.08
Total Assets1,077.86899.53803.10818.62
Reserve & Surplus305.47263.09219.22198.31
Total Borrowings460.00477.73463.43419.32
Total Revenue2,031.301,697.701,443.181,284.30
Profit After Tax71.6043.6820.7424.39
(Amount in ₹ Crore)

IPO details

Issue TypeBook Built Issue IPO
IPO Price₹ 204 to ₹ 215 per share
Face Value₹ 10 per share
Market Lot69 shares
Issue Size12,567,442 shares (aggregating up to ₹ 270.20 crores)
Fresh Issue9,767,442 shares (aggregating up to ₹ 210 crores)
Offer for Sale2,800,000 shares (aggregating up to ₹ 60.20 crores)
Listing AtNSE, BSE

Shareholding Pattern

Shareholding pre-issue39,080,000
Shareholding post issue48,847,442

IPO Reservation

CategoriesNo. of shares offered
QIB shares offeredNot more than 50% of the net offer
NII (HNI) shares offeredNot less than 15% of the Offer
Retail shares offeredNot less than 35% of the Offer

GMP: Manoj Vaibhav Gems ‘N’ Jewellers IPO

GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates: Manoj Vaibhav Gems ‘N’ Jewellers IPO

The issue opens for subscription on September 22, 2023, and closes for subscription on September 26, 2023 (both days inclusive). The basis of allotment will be finalised on October 3, 2023, and the refunds will be initiated on October 4, 2023. In addition, the demat credits are expected to happen on October 5, 2023, and the stock will be listed on the NSE and BSE on October 6, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.

Opening DateSeptember 22, 2023
Closing DateSeptember 26, 2023
Basis of AllotmentOctober 3, 2023
Initiation of RefundsOctober 4, 2023
A credit of shares to Demat A/cOctober 5, 2023
Listing DateOctober 6, 2023

Lot Size

The lot size of the Manoj Vaibhav Gems ‘N’ Jewellers IPO is 69 shares. A retail-individual investor can apply for up to 13 lots, i.e. 897 shares of ₹ 192,855.

ApplicationsLotsSharesAmount 
Retail (Minimum)169₹ 14,835
Retail (Maximum)13897₹ 192,855
S-HNI (Minimum)14966₹ 207,690
S-HNI (Maximum)674,623₹ 993,945
B-HNI (Minimum)684,692₹ 1,008,780

Promoters Holdings 

Grandhi Bharata Mallika Ratna Kumari (HUF), Bharata Mallika Ratna Kumari Grandhi,and Grandhi Sai Keerthana are the promoters of the company.

Pre-issue Shares Holdings100%
Post-issue Shares Holdings74.27%

SWOT Analysis

STRENGTHSWEAKNESSES
1. Large diamond & jewellery players and having an international presence with strong marketing & distribution network makes the jewellery sector strong in terms of retail presence in India and globally.
2. The gold jewellery sector has a successful track record of both launching new products in the domestic market but also catering to the various market based on the insights from local consumers making a strong brand equity and awareness.
3. Gold jewellery can easily grow in the domestic market with minimum innovation and gold in Indian market is also considered as the investment when compared to other economies.
1. The organized & unorganized players have a conflict of interest. Due to the fact, that the raw material needs to be imported and key players stock large quantities of stock resulting in higher inventory cost.
2. Technology is also a factor which is still evolving in Indian market when it is compared to markets like China and others.
3. Expansion possibilities into various other segments like watches, luxury goods and others because the disposable income of people are rising which can impact the demand and the shift is possible to other products. 
4. Increase in prices of both gold and diamond can also be considered as factor here. 
5. Organized players can also focus on areas where they can improve the customer purchase and post purchase experience.
OPPORTUNITIESTHREATS
1. Gold jewellery sector can build a new business model as the disposable income is increasing and buying power also increase as the customer pays for more premium and customized products.
2. Evolving e-commerce and social media-based business models can help gold jewellery players engage with local suppliers or arcticians and reduce the cost of entering the new market.
3. This is possible in both cases for regional player to become a pan India player and a pan India player to enter international markets.
1. In the recent years, the bargaining power of the customers has increased that is putting the pressure on players to reduce prices and as the gold jewellery can leverage low-cost model of reaching the customers using e-commerce and social media.
2. There can be a competition both at the domestic front and it also open the avenues for international players.
3. Change in government policies

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
IPO RHP
Company Contact InformationManoj Vaibhav Gems ‘N’ Jewellers Limited
47-15-8, V Square, Zone-A, Opp: TSR Complex, Station Road, Dwarakanagar,Visakhapatnam – 530016
Phone: + (91) 89 1663 7777
Email: [email protected]
Website: https://www.vaibhavjewellers.com/
IPO RegistrarBigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: [email protected]
Website: https://ipo.bigshareonline.com/ipo_status.html
IPO Lead Manager(s)1. Bajaj Capital Limited 
2. Elara Capital (India) Private Limited

FAQs

The Manoj Vaibhav Gems 'N' Jewellers IPO price is ₹ 204 to ₹ 215 per share.

The minimum investment size is one lot for retail investors. One lot of the Manoj Vaibhav Gems 'N' Jewellers IPO contains 69 shares of ₹ 14,835.

The finalisation of the basis of allotment for the Manoj Vaibhav Gems 'N' Jewellers IPO will be done on October 3, 2023, and the allotted shares will be credited to your demat account by October 5, 2023. Check the Manoj Vaibhav Gems 'N' Jewellers IPO allotment status.

The Manoj Vaibhav Gems 'N' Jewellers IPO shares listing date is October 6, 2023.

The investors’ portion for QIB is 50% of the Net offers, NII (HNI) is 15%, and retail is 35% of the offer.

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