Manoj Vaibhav Gems ‘N’ Jewellers Limited [Manoj Vaibhav Jewellers] accounts for ~10% of the organized jewelry market in Andhra Pradesh and Telangana.
The jewelry brand is led by Mrs. Bharata Mallika Ratna Kumari Grandhi and her daughter Grandhi Sai Keerthana. Manoj Vaibhav Jewellers started in 1994 and now has a total of 13 retail showrooms spread across Andhra Pradesh and Telangana.
Manoj Vaibhav Gems ‘N’ Jewellers IPO is opening on 22nd September 2023 for subscription.
The total Issue size is Rs. 270.20 Cr. The company is raising Rs. 210 crores of fresh IPO money for opening 8 new showrooms.
The rest amount of Rs. 60.20 Cr is the OFS portion by promoters in the IPO.
Below you can find the complete Manoj Vaibhav IPO review and details that will help you make an informed IPO investment decision.
Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO Details
| Particulars | IPO Details |
| IPO Opening date | 22nd September 2023 |
| IPO Closing date | 26th September 2023 |
| IPO Price | Rs. 204 to Rs. 215 per share |
| Lot size | 69 shares |
| Issue size | Up to Rs. 270.20 Cr |
| No. of fresh shares | 9,767,442 shares aggregating to Rs. 210 crores |
| Offer for Sale | 2,800,000 shares aggregating to Rs. 60.20 cores |
| Listing on | BSE and NSE |
Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO Timetable
| Particulars | IPO Details |
| IPO Opening date | 22nd September 2023 |
| IPO Closing date | 26th September 2023 |
| Basis of Allotment date | 03rd October 2023 |
| Credit of Share | 05th October 2023 |
| Listing date | 06th October 2023 |
Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO GMP
Manoj Vaibhav Gems ‘N’ Jewellers GMP is not available at present on any of the leading financial websites and blogs.
GMP data collected from various sources like reputed financial websites, news channels, stockbrokers, and IPO blogs is under.
Remember – Grey Market Price (GMP) shows you an indicative price of Manoj Vaibhav Gems ‘N’ Jewellers Limited upon listing. You should take precautions because GMP is not an official price and only an indicative value.
| Date | GMP |
| 21st September 2023 | Rs. xx (will be updated) |
| 20th September 2023 | Rs. xx (will be updated) |
| 19th September 2023 | Rs. xx (will be updated) |
| 18th September 2023 | Rs. NA |
Manoj Vaibhav Gems ‘N’ Jewellers Limited Issue Size
The total Issue Size of Manoj Vaibhav Gems ‘N’ Jewellers IPO is Rs. 270.20 crores. Divided into fresh issue amount of Rs. 260 crores and an OFS portion of Rs. 60.20 crores.
The IPO aggregate issue size = Fresh Issue of 270 cr + 60.20 Crs of OFS portion, a total of Rs. 270.20 crs.
You can bid for any of the options. The IPO bidding process can be found here.
Manoj Vaibhav Gems ‘N’ Jewellers Limited Overview
Vaibhav Jewellers is a leading regional jewelry brand in South India. The company is run by Mrs. Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana.
Manoj Vaibhav Jewellers is a hyperlocal jewelry retail chain with a presence in the micro markets of Andhra Pradesh & Telangana. The company has 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities.
Manoj Vaibhav Jewellers has a market share of ~4% of the overall Andhra Pradesh and Telangana jewelry market and ~10% of the organized market in these two states in FY2023.
The company started from a single retail showroom as a proprietorship concern in 1994. Now, they have a total of 13 retail showrooms spread over a total of 95,892 sq. ft.
Each of our showrooms houses a varied, exquisite, and large inventory of designs across a wide range of products in Gold, Diamond, Gems, Platinum, and silver Jewellery.
Manoj Vaibhav Jewellers has positioned itself as a retailer focussed on ‘Relationships, by Design’. It focuses on offering designs, high quality, transparency and customer service to customers.
Details of the product-wise revenue break-up
The company follows a hub & spoke model with small-sized showrooms operating peripheral to the larger showrooms. This allows it to offer new products to semi-urban and rural customers on a continuous basis and capture a share of that market.
Manoj Vaibhav Jewellers has developed goodwill with our presence of over 28 years. The brand is a known name in Andhra Pradesh & Telangana with a loyal customer base.
Industry Overview
The Indian jewelry retail sector’s size in FY 2023 was close to USD 70 billion.
The sector’s organized retail share stood at approximately 32%, comprised of national and regional players, while the rest of jewelry retail continues to be dominated by the unorganized segment, comprised of over 500,000 local goldsmiths and jewelers.
The jewelry retail market is expected to grow to approximately USD 124 billion by FY 2027 on account 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 jewelry.
Indian Domestic Jewellery Market Size (USD Bn)
Jewellery demand in general and gold demand have growth drivers across positive news as well as negative news in the economy, which makes it an evergreen segment in the Indian retail sector.
The value of gold as protection against inflation is well documented, with growth in gold prices having been higher than inflation over the last 10 to 15-year horizon.
As per estimates, for each 1% increase in inflation, gold demand increases by 2.6%.
India is the world’s second-largest market for gold, with an average consumption of close to 700 -750 tons before the COVID-19 pandemic.
Gold demand came down by 35% to 446 tons in CY 2020, which has increased by 74% to 774 tons in CY 2022.
Gold consumption in India is met by imports with a domestic mining contribution of close to 1%. Recycled gold contributes close to 8% of the total supply.
Manoj Vaibhav Gems ‘N’ Jewellers Limited Subscription Data
Day-wise subscription data of the Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO is under.
Subscription data shows the number of times the IPO is subscribed overall and also separately under each category.
| Date | QIB | NII | Retail | Employee | Total |
| Day – 1 22nd September 2023 | (TBD) | (TBD) | (TBD) | (TBD) | (TBD) |
| Day – 2 25th September 2023 | (TBD) | (TBD) | (TBD) | (TBD) | (TBD) |
| Day – 3 26th September 2023 | (TBD) | (TBD) | (TBD) | (TBD) | (TBD) |
Manoj Vaibhav Gems ‘N’ Jewellers Limited Promoter Details
Promoters of Manoj Vaibhav Gems ‘N’ Jewellers Limited are
- Grandhi Bharata Mallika Ratna Kumari (HUF)
- Bharata Mallika Ratna Kumari Grandhi
- Grandhi Sai Keerthana
The promoters collectively hold 34,742,400 equity shares, which constitute 88.90% of the issued, subscribed and paid-up equity share capital of the company.
Another 11.10% of shares are held by 4 persons (including Harshil Enterprises India Pvt. Ltd) forming part of the promoter group. In total 100% of the shares of the company is with the promoters and promoter group.
Manoj Vaibhav Gems ‘N’ Jewellers Limited Financials
Key financials of Manoj Vaibhav Gems ‘N’ Jewellers Limited Ltd. for the last 3 completed financial years FY23, FY22, and FY21 are under.
| Details | FY- 2023 | FY- 2022 | FY- 2021 |
| Total Assets | Rs. 1077.85 cr | Rs. 899.53 cr | Rs. 803.09 cr |
| Total Income | Rs. 2031.30 cr | Rs. 1697.69 cr | Rs. 1443.17 cr |
| Profit/ Loss After Tax | Rs. 71.59 cr | Rs. 43.67 cr | Rs. 20.73 cr |
| Net Worth | Rs. 344.55 cr | Rs. 272.85 cr | Rs. 228.98 cr |
| Other Equity (including retained earnings) | Rs. 305.47 cr | Rs. 263.08 cr | Rs. 219.21 cr |
| Total Borrowing | Rs. 460.00 cr | Rs. 477.73 cr | Rs. 463.43 cr |
Net worth of Manoj Vaibhav Gems ‘N’ Jewellers Limited grew from Rs. 229 Cr in FY 2021 to Rs. 344 Cr in FY 2023. In the past three years, Manoj Vaibhav Gems ‘N’ Jewellers Limited’s long-term borrowings have remained more of less flat at Rs. 460 Cr.
The total income of Manoj Vaibhav Gems ‘N’ Jewellers Limited has grown in the last three years from Rs. 803.09 cr to Rs. 1077.85 cr. And the PAT grew ~3.5x in the same period from Rs. 20.73 Cr to Rs. 71.59 Cr.
Manoj Vaibhav Gems ‘N’ Jewellers Limited Peer Comparison
The following peer group has been determined on the basis of companies listed on Indian stock exchanges, whose business profile is comparable to Manoj Vaibhav Gems ‘N’ Jewellers Limited
| Company | EBITDA Margin | PAT Margin | D/E | RoCE | RoE |
| Manoj Vaibhav Gems ‘N’ Jewellers Limited (Standalone) | 7.06% | 3.53% | 1.34 | 17.71% | 23.19% |
| Titan Company Ltd (Consolidated) | 12.03% | 8.07% | 0.63 | 27.07% | 30.95% |
| Thangamayil Jewellery Ltd (Standalone) | 4.85% | 2.53% | 1.41 | 15.64% | 22.37% |
| Kalyan Jewellers India Ltd (Consolidated) | 7.68% | 3.07% | 0.97 | 14.29% | 12.76% |
| Tribhovandas Bhimji Zaveri Limited (Consolidated) | 4.86% | 1.68% | 0.87 | 10.03% | 7.39% |
You can use net banking (ASBA) to invest in an IPO if you want. You can also invest in an IPO through your broker.
Manoj Vaibhav Gems ‘N’ Jewellers Limited Objects of the Issue
Manoj Vaibhav Gems ‘N’ Jewellers Limited proposes to utilize the Net Proceeds from the Issue for
1. To Finance the Establishment of the proposed 8 new showrooms
Manoj Vaibhav proposes to deploy an amount of Rs. 172.01 Cr towards the opening of 8 new retail showrooms. The new showrooms are proposed to be opened in FY24 and FY25.
The company intends to deploy Rs. 12 Cr towards capital expenditure for setting up 8 new retail showrooms and Rs. 160.01 Cr towards funding of inventory of such new showrooms.
The details of the proposed locations are as follows
- Amalapuram
- Narsipatnam
- Palasa
- Rajam
- Gudivada
- Ichchapuram
- Mehabubnagar
- Siddipet
Manoj Vaibhav has currently not identified the premises where the new retail showrooms will be established.
They will undertake decision on the basis of an analysis primarily focused on the demographics of such location, existing businesses in the surrounding areas, the site quality such as site visibility, footfall generation, parking and accessibility of the location to the customers.
Year-wise estimated deployment of net issue proceeds is under
| Particulars | FY 2024 | FY 2025 | Total |
| Estimated capital expenditure cost for the proposed eight (8) new showrooms | Rs. 3 Cr | Rs. 9 Cr | Rs. 12 Cr |
| Estimated inventory cost for New Showrooms proposed to be opened | Rs. 40 Cr | Rs. 120.01 Cr | Rs. 160.01 Cr |
2. General corporate purposes
In compliance with the SEBI ICDR Regulations, the company confirms that not more than 25% of the Gross Proceeds shall be used for General Corporate Purposes.
Should You Apply in Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO
Manoj Vaibhav Jewellers has a market share of ~4% of the overall Andhra Pradesh and Telangana jewelry market and ~10% of the organized market in these two states in FY2023.
The net worth of Manoj Vaibhav Gems ‘N’ Jewellers Limited grew from Rs. 229 Cr in FY 2021 to Rs. 344 Cr in FY 2023. In the past three years, Manoj Vaibhav Gems ‘N’ Jewellers Limited’s long-term borrowings have remained more or less flat at Rs. 460 Cr.
The total income of Manoj Vaibhav Gems ‘N’ Jewellers Limited has grown in the last three years from Rs. 803.09 cr to Rs. 1077.85 cr. And the PAT grew ~3.5x in the same period from Rs. 20.73 Cr to Rs. 71.59 Cr. Seems aligned with their scale of operations.
Key risks to keep in mind are –
- High cost of quality gold bullion, silver, diamonds and other precious and semi-precious stones
- Significant working capital requirements
- 7.87 Crs of pending litigations on the company
- Operates in a competitive market and faces competition from other jewellery retailer
- Revenues are subject to seasonal fluctuations
- Geographic concentration of business operations
You can check the allotment status 3-4 days after Manoj Vaibhav Gems ‘N’ Jewellers’s IPO is complete.
