The initial public offering of Manoj Vaibhav Gems ‘N’ Jewellers will open for bidding on Friday, September 22. The company will be selling its shares in the range of Rs 204-215 apiece with a lot size of 69 equity shares and its multiple thereof. The three-day bidding will conclude on Tuesday, September 26.
Incorporated in 2003, Manoj Vaibhav Gems ‘N’ Jewellers also known as Vaibhav Jewellers is a regional jewelry brand in South India. The company offers gold, silver, and diamond jewelry, precious gemstones, and other jewelry products through retail showrooms as well as through its website.
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The company is looking to raise a little more than Rs 270 crore via its primary offering including a fresh issue of Rs 210 crore and offer for sale (OFS) of up to 28 lakh equity shares worth Rs 60.20 crore by its promoter Grandhi Bharata Mallika Ratna Kumari (HUF). The anchor book will open on Thursday, September 21.
The net proceeds from the fresh issue are proposed to be utilized towards financing the proposed 8 new showrooms including capital expenditure cost and inventory cost of new showrooms; and general corporate purposes. Proceeds from the OFS will go to the selling shareholders.
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Vaibhav Jewellers cater to all economic segments of the micro markets of Andhra Pradesh and Telangana through their retail showrooms and their website with a focus on both rural and urban markets. The company has 13 showrooms, including two franchisee showrooms, across eight towns and two cities in Andhra Pradesh & Telangana.
For the period ended on June 30, 2023, the company reported a net profit of Rs 19.24 crore, with a revenue of Rs 510.21 crore. Its net profit came in at Rs 71.60 crore, with a revenue from operations at Rs 2,031.30 crore in the financial year ended on March 31, 2023.
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The company has reserved 50 per cent of equity shares in the offer for the qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of the equity shares. Remaining 35 per cent shares will go to the retail investors.
Bajaj Capital and Elara Capital (India) are the book running lead managers to the issue, while Bigshare Services has been appointed as the registrar for the issue. Shares of the company will be listed on the mainboard of both BSE and NSE.
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