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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



(L-R) Ms. Grandhi Sai Keerthana, Director and CFO, Ms. Bharata Mallika Ratna Kumari Grandhi, CMD and Mr. Gontla Rakhal, COO of Manoj Vaibhav Gems ‘N’ Jewellers Limited addressing at IPO press meet


  • 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.

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.

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