Manoj Vaibhav Gems N Jewellers is into Consumer-Gems & Jewellery Retail and is looking raise funds through Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 210 crores and an Offer for Sale up to 2,800,000 Equity Shares.
Manoj Vaibhav Gems N Jewellers IPO is a public offering of shares by Grandhi Bharata Mallika Ratna Kumari (HUF), Grandhi Bharata Mallika Ratna Kumari and Grandhi Sai Keerthana. The IPO will open on September 22 and will close on September 26. The price band is ₹204 to ₹215 per share and the lot size is 69 shares. The issue size is ₹270.2 crore. The shares are expected to be listed on NSE, BSE on October 06 (^). Some additional information that you may find useful are: Revenues have grown at a CAGR of 18.92% from FY21 -23. For FY23 share of segment revenue includes Gold Jewellery/Silver Jewellery-Articles/Diamond/Stones/Platinum Jewellery/Others were at 89.5%/4.0%/3.8%/2.6%/0.06%/0.03% (v/s 91.98%/3.17%/2.85%/1.88%/0.06%/0.06% in FY21): (**) - based on higher price band (^) indicative date
Promoters of the company are Grandhi Bharata Mallika Ratna Kumari (HUF), Grandhi Bharata Mallika Ratna Kumari and Grandhi Sai Keerthana Currently promoters hold 100% stake in the company.
Quick Pointers
- Company aims to raise between Rs 267 to 270 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Estimated capital expenditure cost for the proposed eight (8) new showrooms at a capex of Rs. 12 crores and 2) Estimated inventory cost for New Showrooms proposed to be opened - Rs. 160 crores
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 21-Sep-23.
- Price band for the IPO has been fixed at Rs 204 to 215 per share and bid lot are in multiple of 69 shares. The implied market cap post-issue at Rs 1,007 to 1,050 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on October 03 and share are expected to be listed on NSE, BSE on October 06.
- Company has direct peer competition in India'a Jewllery market, In Listed space peers includes Titan Limited, Thangamayil Jewellery, Kalyan Jewellers and Tribhovandas Bhimji Zaveri amongst others.
- Bajaj Capital, Elara Capital has been appointed as Merchant Banker to the issue. Bigshare Services Private Limited has been appointed as official registrar of the issue.
Advertisement
IPO Quick Snapshot
About Company
Manoj Vaibhav Gems and Jewllers operating under brand name of Vaibhav Jewellers, is a regional jewellery brand in South India. Comany is led by first generation woman entrepreneur Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana. Company is a hyperlocal jewellery retail chain with presence in the micro markets of Andhra Pradesh & Telangana with 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities. Company has a market share of ~4% of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organised market in these two states in FY23, as per the Technopak Report.
Revenues have grown at a CAGR of 18.92% from FY21 -23. For FY23 share of segment revenue includes Gold Jewellery/Silver Jewellery-Articles/Diamond/Stones/Platinum Jewellery/Others were at 89.5%/4.0%/3.8%/2.6%/0.06%/0.03% (v/s 91.98%/3.17%/2.85%/1.88%/0.06%/0.06% in FY21)
About Industry
The Indian jewellery retail sector’s size in FY 2023 was close to USD 70billion. The sector’s organized retail share stood at approximately 32%, comprised of national and regional players, while the rest of jewellery retail continues to be dominated by the unorganised segment, comprised of over 500,000 local goldsmiths and jewellers. The jewellery retail market is expected togrow to approximately USD 124 billion by FY2027 on a ccount of the growing economy and rising disposable income, increasing consumer demand for gold, growth in gold prices and rising demand for other categories like diamonds, other precious stones and costume jewellery.
In FY 2023, the total market size of Andhra Pradesh and Telangana was USD 3.3Bn and USD 2.8Bn respectively. While the Andhra Pradesh jewellery market is expected to grow to USD 6.3Bn by FY 2027at a CAGR of ~18%, the Tela nga na market is expected to grow to USD 5.3Bn during the same period at a CAGR of ~18%. Rural market in the state of Andhra Pradesh and Telangana contributes 50-52% of the total jewellery market in FY 2023 in these two states. 60-70% of the rural demand for jewellery is driven by weddings followed by the need for investment post-harvest. Organized market contributed ~39% of the tota l jewellery market in the states of Andhra Pradesh and Telangana in FY 2023 and expected to grow to ~45% of the total market by FY 2027. The current organized market of USD 2.35Bn in Andhra Pradesh and Telangana together is expected to grow at a CAGR of 22% to USD 5.21Bn by FY 2027. Regional and Nationa l Brands have identified the potential of Andhra Pradesh and Telanga na and have a substantial share of their store network in these locations. Regional and National players have significant presence in Tier 2 and 3 cities which are the new consumption hubs and cater to the semi urban and rura l consumer (Source: Technopak Report).
IPO Key Details:
IPO Dates
Advertisement
IPO Issue and Subscription Details
Financials
Valuation
IPO Lead Manager Details
IPO Registrar and Transfer Agent (RTA) Details
Check Allotment Status of IPO
| Please check below or visit Bigshare Services Private Limited at here to check allotment status of IPO |
Source: DRHP, RHP, Company, Company Website, Industry | Logo/Images published in the article may be copyright of respective companies.
Advertisement
Posts
0 Comments