Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Timeline

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO opens on 22-Sep-2023, and closes on 26-Sep-2023. The Manoj Vaibhav Gems 'N' Jewellers Ltd IPO bid date is from 22-Sep-2023 to 26-Sep-2023. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Opening Date 22-Sep-2023
Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Closing Date 26-Sep-2023
Basis of Allotment 27-Sep-2023
Initiation of Refunds 29-Sep-2023
Credit of Shares to Demat 29-Sep-2023
Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Listing Date 03-Oct-2023

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Lot Size

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO lot size is 69 shares. A retail-individual investor can apply for up to 13 lots (897 shares or 192855).

Application Lots Shares Amount
Minimum 1 69 ₹14835
Maximum 13 897 ₹192855

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Details

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Date 22-Sep-2023 to 26-Sep-2023
Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Face Value Shares of ₹10 per share
Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Price ₹215 per share
Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Lot Size 69
Issue Size Shares of ₹10 (aggregating up to ₹270.2 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹210 Cr)
Offer for Sale Shares of ₹10 (aggregating up to ₹60.2 Cr)
Issue Type Book Built Portion
Listing At BSE, NSE
QIB Shares Offered Not more than 2573605
Retail Shares Offered Not less than 4582941
NII (HNI) Shares Offered Not less than 1964118
Company Promoters Grandhi Bharata Mallika Kumari, Bharata Mallika Ratna Kumari G, Grandhi Sai Keerthana.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Estimated capital expenditure cost for the proposed eight (8) new showrooms
  • 2 Estimated inventory cost for new showrooms proposed to be opened
  • 3 General corporate purposes

Company Financials

Manoj Vaibhav Gems 'N' Jewellers Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2024 1399.29 2161.09 80.93
03-2023 1077.86 2031.30 71.60
03-2022 899.53 1697.70 43.68
Amount in ₹ Crore
  • The Company is a key leading home-grown regional brand built on hyperlocal retail strategy.
  • The Company has an early mover advantage in the state of Andhra Pradesh.
  • The Company has fortified its business initially with focus by catering customers in both rural and urban areas and it has been slowly moving towards capturing and expanding over brand in Tier II and Tier III cities.
  • The Company, through its operating ethos of `Relationships, by Design', offers diverse product designs at varied price range to customers across budget bracket.
  • Its Go To Market strategy is its key business enabler thereby providing wider market reach. deep customer connect and have enabled it to build a loyal customer base.
  • Its experienced promoter and professional senior management team has enabled it in seamless strategy implementation and business operations.
  • Its employees and Customers are its real Brand Ambassadors.
  • Its ability to define operating parameters and internal control measures that enables it to perform as well as grow business across the micro market of Andhra Pradesh and Telangana.
  • The strength of its brands is crucial to the company growth and success and its may not succeed in continuing to maintain and develop the company brands.
  • If the company is unable to effectively manage or expand its retail network and operations or pursue the company growth strategy, its new showrooms may not achieve its expected levels of profitability which may adversely affect the company business prospects, financial condition and results of operations.
  • The non-availability or high cost of quality gold bullion, silver, diamonds and other precious and semi-precious stones may have an adverse effect on its business, results of operations and financial condition.
  • Its Promoter and certain of the company Directors may have interest in entities, which are engaged in lines of business similar to that of the Company. Any conflict of interest which may occur between its business and the activities undertaken by such entities could adversely affect its business and prospects.
  • The company business depends on its Promoters and senior management and its ability to attract and retain sales personnel. Any attrition rate of the company senior management may affect its business growth.
  • The coronavirus pandemic ("COVID-19") has had an effect on its business and operations, and the extent to which it may continue to do so in the future cannot be predicted.
  • The Company, Promoters and Directors are involved in certain legal proceedings and potential litigation and the company has not made any provision in its financial statements for such liabilities. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business and results of operations.
  • The agreements governing its indebtedness contain conditions and restrictions on the company operations, additional financing and capital structure.
  • Any failure in its quality control processes may have an adverse effect on the company business, brand, results of operations and financial condition.
  • Failure to manage its inventory could have an adverse effect on the company net sales, profitability, cash flow and liquidity.
  • The Company had negative cash flow during certain fiscal years; details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
  • The Company has availed unsecured loan from its Promoters, which is repayable on occurrence of certain conditions.
  • The company Promoters have provided personal guarantees to secure certain of its loan facilities, which if revoked or invoked may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • The company has contingent liabilities.
  • The company Statutory Auditor has included an emphasis of matter paragraph in their report on our restated financial information as of and for Financial Years ended March 31, 2021 and March 31, 2020.
  • The company may be unable to expand its product offerings in a diversified manner and distribution channels as per the market requirement and the same may have an adverse effect on its business, results of operations and financial condition.
  • Its income and sales are subject to seasonal fluctuations and lower income in a peak season may have a disproportionate effect on its results of operations and may have a negative impact on the company business.
  • The company has significant working capital requirements and may require additional capital and financing in the future. Its ability to access capital at attractive costs also depends on the company credit ratings. Its operations could be curtailed if the company is unable to obtain required additional capital and financing when needed.
  • The company is required to maintain various licences and permits for its business.
  • The company may be unable to maintain or establish arrangements with job workers and suppliers through whom its manufacture the company products and procure raw materials, and may experience other disruptions or quality control risks in the operations of such parties.
  • The company may be unable to renew its leases for its existing showrooms or secure new leases for the company existing or new showrooms on commercially acceptable terms.
  • The company may be subject to fraud, theft, employee negligence or similar incidents.
  • The objects of the Offer have not been appraised by any bank or financial institution. Its funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control. Any variation in the utilization of the Net Proceeds or in the terms of the conditions as disclosed in this Draft Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
  • The company has in the past entered into related party transactions and may continue to do so in the future.
  • If the company fail to convert existing customers into repeat customers or to acquire new customers, its business, financial condition, and results of operations would be harmed.
  • If any new products or brands that the company launch are not as successful as its anticipate, the company business, results of operations and financial condition may be adversely affected.
  • The company may be subject to fluctuations in prices or any unavailability of the raw materials that its use in the company products.
  • If the company is unable to protect credit card or debit card data or any data related to any other electronic mode of payment, or any other personal information that its collect, the company reputation could be significantly harmed.
  • The company operate in a competitive market and face competition from other jewellery retailers. Any increase in competition may adversely affect its business and financial condition.
  • The company may be subject to labour unrest and slowdowns.
  • There are certain instances of non-compliances and alleged non-compliances with respect to certain regulatory filings for corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties for any such past or future non-compliance and its business, financial condition and reputation may be adversely affected.
  • Its may be unable to respond to the constant changes in consumer demands and market trends in a timely manner.
  • The company e-commerce business faces distinct risks, and its failure to successfully manage those risks could have a negative impact on the company profitability.
  • The company may be subject to negative publicity with respect to its products or brand or any third party using the name "Vaibhav Gems 'N' Jewellers" or similar trade names.
  • The company may not be able to successfully adapt and innovate its systems, including the company internal controls and procedures over financial reporting and even its Information Technology systems, as a result of increasing business complexities and demand.
  • The company has introduced purchase advance schemes as a part of its business operations from June 01, 2022. Though, its has not faced any queries or concern regarding the same, however, the company cannot assure that its will not receive any queries or complaint in the future. Any such queries or complaint in the future may have adverse outcome which may affect it and/or the company Directors under applicable laws.
  • The company ability to attract customers is dependent on the success and visibility of its showrooms and its geographical location.
  • The current geographic concentration of its operations creates an exposure to local economies, regional downturns and severe weather or other catastrophic occurrences.
  • Ineffective execution of marketing programs and reduced marketing expenditure could have an adverse effect on its sales.
  • Jewellery purchases are discretionary and are often perceived to be a luxury purchase. Any factor which may bring discretionary spending by consumers under pressure may adversely affect its business, results of operations and financial condition.
  • The company could face customer complaints or negative publicity about its customer service.
  • Its may not be able to protect the company trademarks from infringement.
  • The company do not register its jewellery designs under the Designs Act, 2000 and its may fail to protect the company jewellery designs that may be unique and relative to its brand.
  • Its insurance may be insufficient to cover all losses associated with the company business operations.
  • Certain sections of this Draft Red Herring Prospectus disclose information from an industry report commissioned by it from Technopak Advisors Private Limited who is an independent third party entity and is not related to the Company, its Promoters or Directors in manner whatsoever. Any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
  • The company management will have broad discretion over the use of the Net Proceeds.
  • The company Promoters, certain of its Directors and Key Managerial Personnel hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses. Its Promoters and members of the company Promoter Group will continue to retain control over the Company after completion of the Offer, which will allow them to influence the outcome of matters submitted for approval of its shareholders.
  • The Company will not receive the entire proceeds from the Offer. Promoter Selling Shareholder is selling equity shares in the Offer and will receive proceeds as part of the Offer for Sale.
  • Expand in the untapped sections of the micro markets of Andhra Pradesh and Telangana and develop those markets for organised jewellery sales.
  • Focus on further strengthening its rural focus and improving its sales from existing showrooms.
  • Deepen its customer relationships by enhanced focus on its Go-to-Market strategy to strengthen its customer engagement.
  • Focus on augmenting its Brand strength.
  • Invest to enhance its product portfolio by offering wider spectrum of designs and thereby improve the sales of its Premium jewellery.
  • Strengthen its Inventory Management practices.
  • Leverage on its e-commerce platform to reach its customers beyond its brick and mortar network.

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Promoter Holding

Pre Issue Share Holding 88.9%
Post Issue Share Holding 0%

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Subscription Status (Bidding Detail)

The Manoj Vaibhav Gems 'N' Jewellers Ltd IPO is subscribed 2.25 times on Sep 26, 2023 05:00:00 PM. The public issue subscribed 1.66 times in the retail category, 1.06 times in the QIB category, and 5.18 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) 1.06 5.18 1.66 - 2.25

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Prospectus

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Listing Date

Listing Date 03 Oct 23
BSE Script 543995
NSE Symbol MVGJL
Listing In BSE, NSE
ISIN INE0KNT01012
IPO Price ₹215
Face Value ₹10

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Registrar

Bigshare Services Pvt Ltd

Phone: +91 22 6263 8200
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Lead Manager(s)

  1. Bajaj Capital Ltd
  2. Elara Capital (India) Pvt Ltd

FAQs on Manoj Vaibhav Gems 'N' Jewellers Ltd IPO

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO, which opens for subscription from 22-Sep-2023 to 26-Sep-2023 has an issue size of ₹270.2 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Manoj Vaibhav Gems 'N' Jewellers Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Manoj Vaibhav Gems 'N' Jewellers Ltd IPO Opens for subscription from 22-Sep-2023 to 26-Sep-2023.

The lot size of Manoj Vaibhav Gems 'N' Jewellers Ltd is 69 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14835 and ₹192855 respectively.

Allotment date for Manoj Vaibhav Gems 'N' Jewellers Ltd is 27-Sep-2023 and refund of application amount (in case allotment is not received) will begin from 29-Sep-2023. If your allotment goes through, then shares will be credited in your Demat account by 29-Sep-2023.

The registrar for Manoj Vaibhav Gems 'N' Jewellers Ltd IPO is Bigshare Services Pvt Ltd . You can check your IPO allotment status on the registrar's website.

The shares of Manoj Vaibhav Gems 'N' Jewellers Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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