Manoj Vaibhav Gems ‘N’ Jewellers Limited’s Initial Public Offering to open on Friday, September 22, 2023, sets the price band at ₹204 to ₹215 per Equity Share

• Price Band of ₹204– ₹215 per equity share bearing face value of ₹10 each (“Equity Shares”)

• Bid/Offer Opening Date – Friday, September 22, 2023, and Bid/Offer Closing Date – Tuesday, September 26, 2023.

• Minimum Bid Lot is 69 Equity Shares and in multiples of 69 Equity Shares thereafter.

• The Floor Price is 20.4 times the face value of the Equity Share and the Cap Price is 21.5 times the face value of the Equity Share.

 

Mumbai, September 15, 2023: Vaibhav Jewellers is a leading regional jewellery brand in South India, with a presence in the micro markets of Andhra Pradesh & Telangana with 13 showrooms across 8 towns and 2 cities and a market share of ~4% of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organized market in these two states in FY2023, has fixed the price band at ₹204 to ₹215 per Equity Share for its initial public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Friday, September 22, 2023, for subscription and closes on Tuesday, September 26, 2023. Investors can bid for a minimum of 69 Equity Shares and in multiples of 69 Equity Shares thereafter.

The Public Issue of face value of ₹10 per Equity Share comprises of fresh issuance of equity shares worth up to Rs 210 crore and an Offer for Sale (OFS) of up to 2.8 million equity shares.

The jewellery brand is one of the earlier entrants in the organised jewellery retail market of Andhra Pradesh and continues to focus on regional expansion into the high-growth untapped regions within the micro-markets of Andhra Pradesh & Telangana thereby creating a market for branded jewellery in the area of operations. In 2007, it launched its flagship showroom in Visakhapatnam is spread across 29,946 sq ft and four different floors of shopping experience  

77% of its retail showrooms are in Tier 2 and Tier 3 cities and the rest are in Hyderabad and Vishakhapatnam catering to urban consumers. Each of its showroom houses has a varied exquisite and large inventory of designs across a wide range of products in Gold, Diamond, Gems, Platinum & Silver Jewellery or Articles. Its sub-brand Visesha caters to a premium segment of gold and diamond jewellery. 

For the three months ended June 30, 2023, revenue from operations stood at Rs 508.90 crore and net profit was Rs 19.24 crore. In FY 23 its revenue from operations was Rs 2027.34 cr, majorly from the sale of gold jewellery. In 2005 it stood at Rs 50.9 cr. The Jewellery brands per retail showroom average revenue and EBITDA metrics for fiscal 2023 stood at Rs 155.95 cr and Rs 11.00 cr respectively. Between FY21-23 the Revenue and PAT grew a CAGR of 18.92% and 85.81%. Its e-commerce sales grew from Rs 4.16 cr in FY 19 to Rs 36.40 cr in FY 23. 

Bajaj Capital Limited and Elara Capital (India) Private Limited are the book-running lead managers and Bigshare Services Private Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.

DISCLAIMER: MANOJ VAIBHAV GEMS 'N' JEWELLERS LIMITED is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus (the “RHP”) with RoC. The RHP shall be made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e., www.bajajcapital.com and www.elaracapital.com and the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and on the Company website at www.vaibhavjewellers.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, see “Risk Factors” beginning on page 30 of the RHP. Potential investors should not rely on the RHP for any investment decision. 

This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements. However, the securities described in this announcement are not being offered or sold in the United States

DISCLAIMER: The Equity Shares, to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received ‘in-principle’ approvals from the BSE and the NSE for the listing of the Equity Shares pursuant to their letters dated October 17, 2022, respectively. For the purposes of this Offer, the Designated Stock Exchange shall be BSE Limited. A copy of the Red Herring Prospectus and the Prospectus shall be filed with the RoC in accordance with Sections 26(4) and 32 of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus until the Bid/ Offer Closing Date, please see the chapter titled “Material Contracts and Documents for Inspection” beginning on page 397 of the RHP

DISCLAIMER CLAUSE OF SEBI: SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the offer document. The investors are advised to refer to page 338 of the RHP for the full text of the disclaimer clause of SEBI.

DISCLAIMER CLAUSE OF BSE (The Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 340 of the RHP for the full text of the disclaimer clause of the BSE Limited

DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the offer document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 340 of the RHP for the full text of the disclaimer clause of NSE.

For further details in relation to the Company, BRLM, Company Secretary and Compliance Officer of the Company, availability of application forms and RHP, please refer to statutory advertisement published on 14 September, 2023.